Product wrap: BNPP offers CMS-linked target return in France, RBC issues UK deposit

EUROPE Privalto launched Ho’okipa in France. The 10-year product offers a fixed coupon of 5.50% pa during the first three years of investment. The following years, the annual coupon is equal to two times the difference between the 30-year EUR constant maturity swap (CMS) rate and the five-year EUR CMS rate . However, the product potentially redeems early if the sum of the coupons reaches or exceeds 17%. The product is 100% capital protected and eligible as a securities account, life-insur