A new wave of structured products launched in Israel includes a US dollar deposit and a euro deposit from Bank Leumi, as well as a range of six structured notes from the prolific Bank Hapoalim.

Bank Leumi followed up its last structured deposit, which was linked to the share of pharmaceutical company Teva, with two currency-based investment strategies. Euro Deposit is a 1.5-year growth product offering 100% participation in the DJEurostoxx50, with one caveat: if the index price rises 27% or more in a single day, the product pays just 7.5% at maturity. Dollar Deposit, on the other hand, is a three-year deposit linked to the US Financial Select Sector SPDR Fund or XLF index. This product guarantees initial investment at maturity along with a 70% participation in the average index growth during the term. Both deposits will be available for investment until 20 May and 27 May, respectively, with a €10,000 minimum investment.

In the meantime, Bank Hapoalim has been marketing six products in the Israeli market, provided by Pam Global Investments, with a range of third parties including Barclays Bank, JPMorgan Chase Bank, Morgan Stanley, JPMorgan Structured Products and Merrill Lynch. Hapoalim’s catalogue includes a US dollar five-year US Banks, a US dollar four-year Soft Commodities Autoredeemable Notes which closed its offer period last Monday, and a US dollar Simple Step Up Note which closed its offer period yesterday. In addition, Hapoalim is about to close the offer period on a currency-based 18-month US dollar Appreciation Note in euros which will be available to investors until 16 May.

Bank Hapoalim is currently marketing two products among its private banking clients. US dollar Oil Autoredeemable Note is a four-year knockout product linked to the crude oil prices, offering an 8% AER coupon for each year in which the underlying is at or above its initial level on any of the observation dates. US dollar Callable Spread Range Accrual Note is a long-term 15-year product linked to the 30-year - ten-year USD Swap Spread. This product pays an 8.65% pa yearly coupon for each day that the 30-year – ten-year USD Swap Spread sets at or above 0.00%. Both products will be available until the end of June with a minimum investment of €50,000 and €80,000 respectively.

All Bank Hapoalim’s products are available on its website, which includes monthly reports on all live products.

Click here to see an example of a product from Bank Leumi.

Click here to see an example of a product from Bank Hapoalim.