Product wrap: SA wealth manager launches capital-protected product wrapped as a sinking fund policy

EUROPE ING launched a steepener in the shape of the Switch Rate Notes 10/25 in Belgium. The product is denominated in US dollars and has a six-year tenor. During the first three years of investment the product offers a fixed coupon of 1.97% pa. The following years, the annual coupon is calculated as the difference between the USD 10-year CMS and the USD two-year CMS, subject to a minimum coupon of 1.25%. The income from the notes is subject to a withholding tax of 30%. There is a one-off struct