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Yield Enhancement

Coupon opportunities: Exploiting volatilities

Wednesday, 28 July 2021 Reading time : 3 minutes

Highly volatile stocks such as those of vaccine manufacturers Biontech, Moderna, Novavax and Curevac offer high return potential despite low market volatility. This is because high volatility results in higher option premiums due to the greater risk - which in turn lead to attractive coupons. Sectors with shorter innovation cycles and frequent technological leaps often have higher volatilities. This also applies to the automotive and energy production sectors, especially since electric mobility has become the focus of manufacturers.

For barrier reverse convertibles this means: High coupons with low barriers.

Barrier Reverse Convertible on Biontech, Moderna, Novavax and Curevac (USD/CHF)

  • 30%* / 29.25%* Coupon p.a.
  • Defensive barrier at 51.50%*
  • 12 months maturity
  • Subscription period until 02.08.2021
  • Termsheet USD
  • Termsheet CHF

Barrier Reverse Convertible on Tesla, Nio and Plug Power (USD/CHF)

  • 20%* / 19%* Coupon p.a.
  • Defensive barrier at 50%*
  • 12 months maturity
  • Subscription period until 03.08.2021
  • Termsheet USD
  • Termsheet CHF

Callable Barrier Reverse Convertible on Ballard Power, Plug Power and PowerCell (CHF)

  • 20.50%* Coupon p.a.
  • Defensive Barrier at 52%*
  • 12 months maturity
  • Subscription period until 05.08.2021
  • 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. 

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