First of all it should be emphasized garnet mclane that it is not a product suitable for all invest

The bond BNL Millenium garnet mclane is widely publicized in the newspapers and on websites online financial industry. Let's see what are the characteristics of the instrument and if it is an opportunity to be seized or to avoid.
With this information available to you are likely to have a distorted version and certainly not complete the product garnet mclane in question, especially if you do not have sufficient financial skills.
First of all it should be emphasized garnet mclane that it is not a product suitable for all investors because it is a structured bond, which incorporates embedded derivatives (call option on the index), for which the bank perceives packaging of structuring fees. Specifically, 100 made the issue value you have the following breakdown:
The derivative component is one that allows you to participate in the performance of the underlying index and gain maturity 100% of the positive change in the index, if the value at maturity of the same is greater than the value of the issue, or if not a coupon equal to zero.
In the worst scenario, in which the coupon at maturity is equal to zero, the return on investment will be of 1.02%, significantly lower than the BTP expiring in 2016 equal (to date) to 4.10%. Being the coupon at maturity random is difficult to make predictions about its amount, and then the performance achievable in scenarios less negative than that just described.
Separate garnet mclane mention the underlying index is determined by the composition of ten sub parameters (six of which are owned by BNP Paribas) belonging to different major categories of investment (bonds, equities, commodities, garnet mclane Real Estate business ...). Monthly index is subject to a rebalancing due to the market trend, volatility, but also the correlation between the different asset classes outlined above.
Consult the attached graph is observed that in the past the 'index had a positive trend, however, reading the prospectus of the title indicates that the parameter has been created based on historical simulations. So the mechanism garnet mclane must now be tested in the markets for the future. It 'very easy, on the basis of historical data to develop investment strategies that very effective ex post. More difficult to develop effective garnet mclane ex-ante.
Based on these data, with the knowledge that past performance does not tell us anything about the future trend in the five years prior to date the index has had a performance period of about 21.53%, which corresponds to 3.99% per annum. Summing this value to the minimum garnet mclane yield bond yields: garnet mclane 5%.
No, because BNL offers to new customers who make at least 25,000.0 liquidity (mica pennies!) To be invested in instruments finaziari Group BNP Paribas also a current account free for a year! This vaguely recalls the infomercial in which a prize is given to the first 10 calls ....
The assumption from which the advertising space "When markets are uncertain diversify is always the best solution" is correct but trivial, in this investment the investor is likely to buy a product that does not understand, difficult to be settled on the secondary market (it will be done request for quotation on the TLX) and difficult to assess for the presence of the derivative.
Regarding strictly advertising, you see a huge camp 5% coupon but it is distributed only for the first year. We wonder, but above all we ask him to Consob, as this advertising complies with the directive of which we have already discussed in the article "Financial products and advertising 'deceptive. Decalogue Consob". Ricodiamo fact that Consob prohibits the '' use of graphics modes dissimilar to emphasize the benefits against the risks "and" 'highlight, even with different graphics modes, the only coupon rates highest attainable when the measure of the other coupons is random garnet mclane " .
Ultimately it is an investment solution that would have us too but is likely to do nothing, when it is hoped to obtain typical returns of equities as an investment bond with the guarantee of principal at maturity, you run the serious risk of do worse than a government security.
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