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Which of the following financial instruments does not belong to the asset class of structured notes?
Forward Rate Agreement
Capped Constant Maturity Swaps
Which of the following financial instruments is used in engineering structured notes?
All of the above
Why may it be useful for an investor to know about the duration of a structured note?
Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.
It is an important measure for investors to consider, as bonds with lower durations carry more risk and have higher price volatility than bonds with higher durations.
The investor will then know about the maturity of the structured note.
Duration measures the bond's price sensitivity to changes in credit risk.
The main characteristics of Structured Derivative products are:
They offer fixed interest payments to the holders.
They combine classical financial instruments with derivative products.
They are also called Index Certificates, Guarantee Certificates which are called Turbo Certificates.
Their return depends of the performance of the underlying.
Participation Rate is set as % of:
Price of the underlying
Quanto Certificates offer protection against:
Exchange rate risk
Which of the certificates offers a Partial Capital Coverage?
For a Discount Certificate with a nominal value of €100 and cap level of €150 with a discount of 20%, what is the cash-flow at maturity if the price of the underlying rises to €250?
Considering the example above (nominal value €100, cap level € 150 and current price €250), which investment offers a more attractive return?
Discount certificate with 25% discount.
Guarantee certificate with 70% participation rate.
Direct Investment in the underlying.
Certificates that do not have a fixed due date are called:
Certificated with limited maturity
For a bonus certificate with nominal price of €100, a bonus level of €120 and a security level of €80, what will be the cash-flow at maturity if the price at maturity is €110 and the security level has been breached during lifetime?
Certificates with leverage effect in comparison to certificates without leverage effect are:
More expensive with possibility of higher return
More expensive with possibility of lower return
Cheaper with possibility of lower return
Cheaper with possibility of higher return
What would happen to the price of a Turbo Call if the financing level goes up, ceteris paribus?
It goes down
It remains the same
It goes up
What is the total financing cost of a Mini Future with 3 month life time, current underlying price of €300 current financing level of €200 and interest rate 3,5% p.a.
Let us consider an equity-linked note with an embedded stock option sold by the investor and an annual coupon payment of 10% p.a.. What is the advantage for the issuer of the note?
The issuer has the right to chose between a settlement in cash or by physical delivery of a fixed amount of stocks at maturity day.
The issuer does not have any advantage.
The issuer has the right to chose whether to make annual or semi-annual coupon payments.
The issuer has the obligation to deliver a fixed amount of stocks at maturity day.
Let us consider an equity-linked note with an embedded stock option sold by the investor and an annual coupon payment of 10% p.a. What is the advantage for the investor of the note?
The investor has the right to choose the underlying asset.
The investor is offered a coupon rate that is usually well above coupon rates available in the market.
The investor has the right to chose between cash settlement and physical delivery of a fixed amount of stocks at maturity.
The investor does not have any advantage.
What is the leverage effect of Turbo Call with ratio of 0,1 if financing level is €60, current price is €100 and financing cost is €0,25?
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