Thursday, 21 April 2022 Reading time : 2 minutes

Difficult start
The first stock market quarter of 2022 was characterized by rising inflation, rising interest rates and geopolitical uncertainties, which had a noticeable impact on the performance of the stock markets. Year-to-date, i.e. from January 1, 2022 to the present, no Western benchmark index was able to break even. The Euro Stoxx 50 stands at -8.5%, the S&P 500 at -6.7% and the SMI at -3.8%.

However, individual companies were hit much harder. Despite often satisfactory earnings figures, some stocks lost more than a third of their value. Delivery problems, personnel bottlenecks, more conservative investors - the presumed reasons for these developments are manifold.

Low prices, good ratings
Nevertheless, analysts seem to agree on some corporate stocks and are issuing buy recommendations for individual shares. Thus, a positive price development is assumed for these stocks; especially for stocks that have suffered the biggest price losses YTD and still have a positive analyst rating, this can be interesting due to the comparatively low purchase prices.

Conservatively generate returns with reverse convertibles
Investors who assume that share prices will rise slightly can generate a return in the form of a coupon with reverse convertibles. If the price of the underlying is above the strike at the end of the product's term, the full capital invested is paid back in addition to the coupons. If the price of the underlying is below the strike - which is below 100% for all following products - the underlying is delivered in addition to the coupons.

Partners Group - Callable Reverse Convertible
YTD performance -24%, analyst consensus* 4.24 / 5 

6% Coupon p.a.
85% Strike
12 months Maturity
Subscription deadline April 25, 2022
Valor 113 290 911


Logitech - Callable Reverse Convertible
YTD performance -11.3%, analyst consensus* 4.41 / 5

6.5% Coupon p.a.
85% Strike
12 months Maturity
Subscription deadline April 25, 2022
Valor 113 290 914


Sika - Reverse Convertible
YTD performance -18.5%, analyst consensus* 4.42 / 5

4.5% Coupon p.a.
90% Strike
12 months Maturity
Subscription deadline April 25, 2022
Valor 113 290 912


Kardex - Callable Reverse Convertible
YTD performance -32.5%, analyst consensus* 4.71 / 5

6.8% Coupon p.a.
90% Strike
12 months Maturity
Subscription deadline April 25, 2022
Valor 113 290 910


Roche - Callable Reverse Convertible
YTD performance -1.9%, analyst consensus* 4.1 / 5

4.2% Coupon p.a.
90% Strike
12 months Maturity
Subscription deadline today, April 21, 2022
Valor 113 290 883

*Analyst consensus is expressed here as a value between 1 (sell) and 5 (buy). 
All data indicative, as of April 21, 2022, 10:15 a.m.

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.