Product wrap: Citi hedges defensive single stock worst-of structure aimed at UK investors

EUROPE Belfius issued the 10-year Callable Interest 04/2031 in Belgium. The first five years of investment the product offers a fixed coupon of 0.40% pa. The following years, the product offers an annual coupon equal to the difference between the constant maturity swap rate (CMS) 30-year EUR and the CMS 2-year EUR , subject to a minimum coupon of 0%. The steepener structure is 100% capital protected. Belfius has the option to call the product after five years. Priips summary risk indicator (SRI