Cater Allen Private Banking launches financial recovery product
Cater Allen Private Banking has launched a new product exposing investors to the recovery of the UK banking sector, issued by Abbey National Treasury Services. The Selected UK Banking Plan 2, which is autocallable, is linked to the performance of HSBC, Lloyds TSB, Barclays and Royal Bank of Scotland shares.
The capital guaranteed plan has a six-year life, with the potential to kick out each year. If the share basket is at or above its closing price at strike on the first anniversary, then the product matures with an 11% coupon. Should the basket fail to meet these criteria, then the investment continues into year two, when investors will receive 22% if the basket meets reaches the necessary level by its second anniversary. Subsequent payouts will be 33% in year three and 44% in year four. If the
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