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Yield Enhancement

Recovery phase: Investing in benchmark indices

Tuesday, 1 June 2021 Reading time : 3 minutes

Vaccination successes, border openings and national easing create economic optimism; most stores, food service companies and service providers are allowed to resume full operations. More and more office workers return to their offices; life returns to the world's cities.

Europe recovers
Most economic analysts and agencies agree: the global economy will grow strongly. In Switzerland, SECO has confirmed its forecast that the domestic economy will recover rapidly and that GDP will exceed pre-crisis levels by the end of 2021. EU Economic Affairs Commissioner Paolo Gentiloni also forecasts that the EU economy will recover to pre-crisis levels by the fourth quarter of 2021. The 750 billion euro aid package should provide significant support for the member states that have been hit particularly hard.

Growth from the USA
Optimistic signals are also coming from the USA. The USD 1.9 trillion stimulus package and the rapidly recovering U.S. economy have prompted S&P Global Ratings to revise its GDP growth forecast for 2021 upward from 4.2% in December 2020 to 6.5% at the end of March.

Leading indices such as the S&P500, the EURO STOXX 50 and the SMI are suitable proxies for the global economy - in a phase of recovery, they offer the opportunity to profit in a broadly diversified manner.

Barrier Reverse Convertible on SMI Index, S&P500 Index and EURO STOXX 50 Index (CHF)

  • Coupon of 4.5% p.a.*
  • Barrier at 75%*
  • 12 months maturity
  • Subscription period until 04.06.2021
  • Termsheet

Callable Barrier Reverse Convertible on SMI Index, S&P500 Index and EURO STOXX 50 Index (CHF)

Vaccine producers in the spotlight: Barrier Reverse Convertible on BioNTech, Moderna and Novavax (USD/CHF)

  • Attractive coupon of 22.75% / 21.75% p.a.*.
  • Defensive barrier at 50%*
  • 12 months maturity
  • Subscription period until 03.06.2021
  • Termsheet USD
  • Termsheet CHF
*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. 

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