Tuesday, 2 March 2021 Reading time : 3 minutes

Despite the ongoing pandemic and the associated restrictions, economic data in most regions of the world are better than expected. This fact gives an indication that economic players have adapted to the pandemic.

Indices as a proxy for global economy
In the S&P500, which includes the 500 largest public companies in the US, cyclical stocks are relatively heavily weighted. So if an economic recovery can be assumed - as is the case in the USA - such indices are well suited to benefit from it. In the European index EURO STOXX 50, cyclical stocks such as those from the technology and industrial goods sectors are also more heavily weighted than countercyclical companies. In Germany in particular, the economy appears to be recovering relatively quickly. In the Swiss benchmark index SMI, the largest weights are not assigned to particularly cyclical stocks, but to companies with very stable business models such as Nestlé, Novartis and Roche, which together account for over 50% of the SMI.

Callable Barrier Reverse Convertible on SMI, EURO STOXX50 and S&P500 

• 8.75%* coupon p.a.
• Barrier of 79.00%*
• 12 months duration
• Subscription period ends on 08.03.2021
• Termsheet 

Callable Barrier Reverse Convertible on SMI, DAX and S&P500

• 6.40%* coupon p.a.
• Defensive barrier of 69.00%*
• 18 months duration
• Subscription period ends on 03.03.2021
• Termsheet 

Barrier Reverse Convertible on a cyclical Basket with LafargeHolcim, ABB and SIKA 

• 9.50%* guaranteed coupon p.a.
• Barrier of 70.00%*
• 12 months duration
• Subscription period ends on 11.03.2021
• Termsheet 

*indicative

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements.
The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document.
If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.