Israel's Bank Leumi is set to launch a pharmaceuticals-themed structured product this week.
Its Three Years Dollar Deposit is linked to Merrill Lynch's Pharmaceutical HOLDRs Trust, an exchange-traded fund that tracks the performance of shares in the pharmaceutical sector in North America.
The product is due to strike this week and offers 85% participation in the upside of the underlying. subject to 12 months' averaging at the end.
The bank is also offering a callable deposit paying 2.15% in year one, increasing by 20bps each subsequent year. The bank can call the product after two years and semi-annually thereafter.
Both issues strike this week and carry a minimum US$10,000 investment.