Société Générale launches new listed income product
Société Générale has issued a new listed plan, which guarantees to pay an income higher than a traditional savings account. The FTSE Income Protection 3000, which is listed on the London Stock Exchange, provides investors with a fixed income of £17, or 1.7% per quarter for 18 months regardless of the movements of FTSE 100 index, the underlying.
Listing the product means there is a guaranteed liquid secondary market should it fail to perform.
To sweeten the deal, the France-based bank is giving 100% participation in the FTSE, which means the investor can get all the potential upside should the index rise.
However, capital will be lost in line with the index if the FTSE closes at or below 3,000 on any day during the 18-month term. The starting level of the FTSE is 4,300 and the amount of capital lost will be calculated against this.
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