Calyon innovates with equity fund convertible

Calyon has launched a €50 million synthetic convertible bond, which can be exchanged into shares in an equity mutual fund.

The five-year deal has a guaranteed 1% annual coupon, a low 20% conversion premium and a guaranteed liquidity clause. It can be converted into shares in the Schroder ISF Euro Equity fund once a quarter and settled in cash.

The bank said investors would be attracted by the lower volatility of equity funds compared with single-stock investments, access to dividends via the

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