NOTES | STRUCTURED BONDS
Complex financial products - PRIIP
What are Structured Products?
Structured Products are complex financial products. PRIIP products. They take the form of bonds or notes issued by a specific issuer and may give investors total or partial exposure to the performance of financial instruments or relevant economic and financial variables, such as shares or a basket of shares, equity indices, or exchange rates.
Before investing, you should read the relevant key information document and make sure you understand the product’s key features, including:
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Calculation methodHow the return is calculated and whether there is, or is not, a minimum guaranteed return.
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Overall risk levelThe overall risk level, including market risk and credit risk, and other relevant risks such as liquidity risk and, where applicable, currency risk.
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Scenarios
Favourable, moderate, unfavourable and stress scenarios that illustrate possible outcomes.
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Associated costs
Implicit costs associated with the product, even if they are not paid directly by the client.
History
| Name | Issue date | Term | ISIN |
| Barclays EURO STOXX Utilities | 14/04/2026 | 2 years | XS3280729800 |
| SG Silver 2028 | 18/02/2026 | 2 years | XS3233842668 |
| BNP Autocall Asia | 09/02/2026 | 3 years | XS3224225394 |
| SG Euribor12m Fénix 2030 | 30/12/2025 | 4 years | XS3217880411 |
| SG Euribor12m Fénix 2029 | 04/12/2025 | 4 years | XS3200790981 |
| SG Autocall Energia | 20/10/2025 | 3 years | XS3131009360 |
| BNP Autocall EURO STOXX® Utilities | 19/09/2025 | 3 years | XS3080023651 |
| SG Euribor12M Fénix 2028 | 09/07/2025 | 3 years | XS3048741717 |
| Barclays Dual Digital | 06/05/2025 | 5 years | XS2975884862 |
| Barclays Ouro | 23/04/2025 | 1 year and 6 months | XS2966926540 |
| SG Cliquet Euro Stoxx Banks | 24/02/2025 | 3 years | XS2928432835 |
| Barclays RA Euribor 3M | 30/12/2024 | 1 year | XS2897726183 |
| SG Euribor 12M Fénix | 21/11/2024 | 4 years | XS2882015360 |
| Barclays Euribor 3M 2024-2028 | 17/10/2024 | 3 years and 6 months | XS2828044094 |
| SG Cliquet Eurostoxx50 | 09/09/2024 | 3 years | XS2845867436 |
| SG Europeu 2024 | 30/07/2024 | 3 years | XS2813996670 |
| Barclays Euribor 3M 2024-2027 II | 20/06/2024 | 3 years and 6 months | XS2751818977 |
| Barclays Euribor 3M 2024-2027 | 29/04/2024 | 3 years | XS2734591030 |
| Barclays 5Y Autocall | 19/03/2024 | 5 years | XS2706579583 |
| Barclays Step Up Europa 2025 | 11/12/2023 | 2 years | XS2638652359 |
| SG Autocall Euribor 2028 | 29/09/2023 | 5 years | XS2659480227 |
| SG Taxa Variável 23-27 | 27/04/2023 | 4 years | XS2593160653 |
| Note SG Taxa Variável 2027 | 27/12/2022 | 5 years | XS2508419061 |
| SG Note Robótica | 08/11/2022 | 5 years and 7 days | XS2508103855 |
Do you have questions? We can help
What is a PRIIP?
PRIIPs are packaged retail and insurance based investment products. They are complex financial products marketed in retail markets and may take the form of deposits, insurance, funds or bonds.
What is a structured bond?
A security that combines a bond, meaning a debt instrument, with an embedded derivative. Because of this embedded derivative, the bond’s return depends, in existence and or amount, on the performance of another asset, instrument or financial contract and may increase or leverage that return. The return may depend, proportionally or not, on the movement of the underlying or reference value.
What is a note?
A security that works in a similar way to structured bonds but may involve a risk of capital loss at product maturity.
Can I sell my position in a note at any time?
Yes. It may be possible to sell your position during the product’s life through a secondary market. However, you must consider that selling before maturity may result in a price below the issue price and capital at least equal to the issue price is not guaranteed. This is liquidity risk.
The evolution of the product price?
The product price may be volatile because it depends on the valuation of the instruments that make up the structure, such as a zero coupon component and an embedded derivative. These instruments may be affected by interest rates, the underlying performance, its volatility, and the remaining time to the final observation. Even when capital is protected at maturity, the secondary market price can be below the protected capital level, and in that scenario the investor may incur a capital loss if they sell before maturity.
What is the expected return of a structured bond?
Depending on the structure, a structured note may have capital fully or partially protected at maturity and a return linked to the underlying structure that only applies if the conditions set out in the issuance documents are met.
In the worst case scenario what is the outcome?
In the worst case, for a capital protected structured bond, the investor may receive only the capital invested at maturity. For a note with capital at risk, the investor receives the percentage of capital that is protected according to the product conditions.
And what is the best possible outcome?
In the best possible outcome, depending on the conditions and structure, the investor may receive 100% capital repayment plus a coupon payment defined by the structure.
Why can I not invest directly in the underlyings if I could earn more?
If a client invests directly in the underlyings, they are fully exposed to the market risk of those underlyings, without any capital protection. To provide capital protection, the structured product also typically includes limits on potential gains.
What is the summary risk indicator?
The summary risk indicator is a guide to the product’s risk level compared with other products and helps enable quick comparison. It is rated from 1, the lowest, to 7, the highest. It shows the probability of the product suffering financial losses in the future due to market fluctuations, meaning market risk, or due to the issuer’s inability to meet payments, meaning credit risk.
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