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Scottish Mutual launches new income bond

Scottish Mutual has launched a new income bond linked to the performance of 30 stocks from the FTSE 100 and the S&P 500.

The stocks include Shell, Cadbury-Schweppes, British Telecom, Merrill Lynch and Microsoft and are divided equally between the FTSE and the S&P.

Investors can choose between 8.25 per cent annual income, 0.67 per cent monthly income or 26 per cent growth payable at the end of the term. Full capital return is guaranteed if the stocks do not fall by more than 30 per cent from their initial level in the final year of the product.

If the stock falls by more than 30 per cent between November 10 2003 and November 10 2004 and does not recover to its initial level, capital will be cutback by 1 per cent for each 1 per cent fall. There is no minimum capital return. The bond is available until October 10 2001. The minimum investment is £5,000.

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