FVC retrospective: UniCredit’s reverse convertible on Deutsche Bank stock matures

Product offered a fixed coupon of 4.75% and sizeable downside protection


Investors in UniCredit Bank's two-year reverse convertible bond linked to the common stock of Deutsche Bank, which struck on April 26, 2013 and matured on April 9, 2015, are celebrating healthy gains.

The product offered a 4.75% annual coupon, paid regardless of the performance of the underlying. The amount of capital returned to investors was dependent on whether a 60% European-style barrier had been breached at the end of the product's term. If, on the final valuation date, the stock price was

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