FVC review: Mariana structured note offers range-bound income

Coupons could surpass risk-free rate but indexes must remain within defined range

Stock market performance

Mariana Capital Markets has issued a six-year structured product linked to the FTSE 100 and S&P 500 indexes. The product will pay a quarterly coupon of 2% (equivalent to 8% per annum) if the levels of both indexes are between 70% and 130% of their initial levels on each quarterly observation date. If the closing levels are outside this range then no coupon will be paid for the quarter. Therefore if either index rises or falls by more than 30% from when the product strikes, income will be

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