Product wrap: Fortis targets gold price with US dollar denominated note in Belgium

EUROPE BNP Paribas Fortis is distributing the USD Capped Gold Note 2025 in Belgium. The capital-protected notes – which sold US$4.4 during the subscription – have a six-year tenor and participate 100% in the positive performance of the LBMA Gold Price USD, the reference price of gold, expressed in dollars and recorded in London by the London Bullion Market Association (LBMA). The return is capped at 60%. There is one-off structuring cost of 1.60% and a recurring cost of 0.27% pa, or