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Bristol & West International goes for a kick about

Bristol & West International has established the FTSE kickout bond, a FTSE 100-linked guaranteed equity bond which has several early maturity trigger points.

Investors will get a full capital return regardless of the performance of the index and stand to receive 120 per cent of any growth in the index if the product runs to the end of its six-year term.

However, there are early maturity trigger points in years two, three and four which depend on the performance of the index. If the index rises by at least 20 per cent after two year, at least 30 per cent after three years or at least 40 per cent after four years, the product will mature. The payouts will be 20 per cent, 30 per cent or 40 per cent growth of the original investment respectively.

To calculate the returns, the closing level of the index is measured at the start f the term and measured against an average of monthly readings taken over the final year of the investment term.

According to the structured retail products website, this product is currently unique in the offshore structured product market. It may be suitable for investors who want to invest offshore to receive gross returns and who like the possibility of having access to their money without jeopardising the capital protection before the end of the term.

However, the main drawback is that the maturity date is uncertain at the outset, which would not suit investors who are saving for a specific purpose at a specific date. Also, the presence of the early trigger points mean that there is less chance of the product running full term with potentially higher returns.


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