Italian retail market heats up

Merrill Lynch has launched the first temperature-linked certificate for the Italian retail market. The new two-year euro-denominated certificate offers an annual return based on the average annual temperature at Rome's Ciampino airport. The investment product is 100% principal-protected and offers a temperature-contingent coupon of up to 16% annually.

The certificate starts to pay out at an average annual temperature of 16.38 degsC, with the coupon rising linearly, to a cap of 16% at an avera

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