Product wrap: Italian decrement play collects €110m

EUROPE Fideuram , the private banking arm of Intesa Sanpaolo, collected €110m (US$133m) with Max Long Certificate on the Solactive US Pharma 10% Risk Control 3% Decrement Index in Italy. The capital-protected securities, which have a seven-year tenor, participate 68% in the rise of the index. Listing is applied for in Luxembourg and Sedex Borsa Italiana. The placement commission was determined at 2.42% and thee is a structuring cost equal to 0.20% of the issue price. Deutsche Bank achieve