BNL, the Italian subsidiary of BNP Paribas, is pitching Athena Double Fast certificate to retail investors. The product is a new investment certificate from its Athena range, which offers for the first time a lower knockout strike level on the third anniversary.
The four-year knockout/protected tracker product is linked to the Generali share and will pay a coupon of 5.15% on the first and second anniversaries per period elapsed over and above the initial capital invested.
On the third anniversary, if the level of the underlying is at or above the 90% strike level compared to its initial level, the product matures early paying 110% of initial capital.
At maturity, if the underlying level is at or above 55% of its initial level the product offers 116% of initial capital. Otherwise, the product offers a 100% capital return diminished by the fall in the underlying share.
In addition, BNL is marketing another tranche with the same payoff structure but linked to the BNP Paribas share paying out a higher 6.6% coupon for the first two years; 115% return if it knocks out at 90% strike; and 120% of initial capital if the underlying is at or above 55% of its initial level at maturity.
This product will be available for investment until the end of the month.