Tuesday, 27 July 2021 Reading time : 2 minutes

In order to get the best conditions when choosing the right yield enhancement solution, it is often worth taking a look at the call-put positioning. This sets the current open position in call options in relation to that in put options. A low quotient indicates greater demand in put options and therefore the possibility of realizing premiums when selling these options.

Geberit (call-put quotient of 0.35), Logitech (0.23) and Clariant (0.26) with strong put positions are currently noticeable here. The possibility of realizing premiums on these values ​​is also underlined in these cases by the current level of the implied volatility in comparison to the volatility actually observed historically: The former is noticeably higher for all three stocks - Geberit (6.7%), Logitech (12.7%) and Clariant (2.5%).

 8.0% p.a. Barrier Reverse Convertible on Geberit, Clariant, Logitech*

• Barrier of 65%*
• 1 year maturity
• Valor: 58'532'838
• Subscription period ends on 30.07.2021

In Europe, too, there are base values ​​at which these indicators work. Especially with Norsk Hydro (call-put-quotient of 0.48) the level of the implied volatility is over 10% higher than the historically realized volatility.

7.25% p.a. Barrier Reverse Convertible auf Norsk Hydro*

• Barrier of 69%*
• 1 year maturity
• Valor: 58'532'839
• Subscription period ends on 27.07.2021

*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.