CitiFirst - Tuottoa Discount-sertifikaateilla

Tuottoa Discount-sertifikaateilla

Citi Equities | Warrants & Certificates www.citifirst.fi

Sisältö

1. CitiFirst 1

2. Discount-sertifikaatit

• Mikä on Discount-sertifikaatti?• Sijoita kohde-etuuteen alennuksella• Käteissuoritus eräpäivänä• Mahdollisia skenaarioita eräpäivänä• Nokian kurssikehitys• Sanastoa• Hintakehitykseen vaikuttavat tekijät juoksuaikana

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4. Yhteenveto 9

1. CitiFirst

CitiFirst

Citi

Henkilöstöä yli 200 000 ja toimintaa yli 100 maassa

Noin 200 miljoonaa asiakasta

Suomessa vuodesta 1978, lähinnä yritys- ja investointipankkitoimintaa.

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CitiFirst toimii sijoitustuotteiden liikkeeseenlaskijana kolmella mantereella

Suomessa CitiFirstin tarjontaan kuuluu: – Viputuotteet: Minifutuurit ja Unlimited Turbot– Sijoitustuotteet: Discount-sertifikaatteja

CitiFirst on Citin brändi pörssilistatuille sijoitustuotteille

1 CitiFirst

2. Discount-sertifikaatit

Mikä on Discount-sertifikaatti?

Pankin tai rahoituslaitoksen liikkeeseenlaskema

Pörssilistattu arvopaperi - Markkinatakaus

Sidottu kohde-etuuteen

Ennalta määrätty voimassaoloaika

Kerroin

Toimintaperiaate

Sijoita kohde-etuuteen alennuksella

Osallistuminen kohde-etuuden kurssikehitykseen maksimitasolle asti

Käteissuoritus eräätymisen yhteydessä

Pörssilistattu arvopaperi

2 Discount-sertifikaatit


Alennus– Mahdollistaa tuoton myös paikallaan pysyvässä tai jopa laskevassa markkinassa – Pienempi kurssiriski kohde-etuuteen verrattuna– Alennus rakentuu koko voimassaoloajalta– Koostuu mm. osinko-odotuksista, volatiliteetista ja aika-arvosta

Mahdollisuudet– Discount-tuotto – tuottoa jo sivuttaisliikkeisessä markkinassa– Tappiopuskuri – alennus toimii tappiopuskurina – Discount-sertifikaatista ei makseta osinkoja

Riskit– Markkinariski– Rajallinen tuotto– Kurssikäyttäytyminen voimassaoloaikana– Liikkeeseenlaskijariski


Käteissuoritus eräpäivänäEsimerkki: DC NOK6L 5.25CG

NokiaHinta 5.41 EUR

Alennus0.70 EUR (12.9%)

Discount-sertifikaattiHinta 4.71 EUR

EräpäivänäNokian kurssi: 5 EUR

Nokian kurssi: 5.50 EUR

NokiaHinta 5.50 EUR

Discount-sertifikaattiMaksimitaso 5.25 EUR

KäteissuoritusDiscount-sertifikaatti5.25 EUR

NokiaHinta 5 EUR

Discount-sertifikaattiMaksimitaso 5.25 EUR

KäteissuoritusDiscount-sertifikaatti5 EUR

Nokia Discount-sertifikaattiSertifikaatin hinta, EUR 4.71

Maksimitaso 5.25

Nokia, EUR 5.41


Mahdollisia skenaarioita eräpäivänä

Sertifikaatin hinta, EUR 4.71

Maksimitaso 5.25

Nokia, EUR 5.41

Eräpäivään mennessä Nokian kurssi on

– pysynyt paikallaan 5.41 (0%) Käteissuoritus 5.25 (+11.5%)

– noussut 5.95 (+10%) Käteissuoritus 5.25 (+11.5%)

– laskenut 4.71 (-12.9%) Käteissuoritus 4.71 (0%)

– laskenut voimakkaasti 4.33 (-20%) Käteissuoritus 4.33 (-8.1%)


Nokian kurssikehitys


Maksimitaso 5.25

Nokia, EUR 5.41

4.25

4.50

4.75

5.00

5.25

5.50

5.75

6.00

6.25

6.50

6.75

7.00

7.25

7.50

7.75

8.00

01/2015 02/2015 03/2015 04/2015 05/2015 06/2015 07/2015 07/2015 08/2015 09/2015 10/2015 11/2015 12/2015 01/2016 02/2016 03/2016

Nokia Max. taso Outperformance Tappiotaso

Eräpäivä 15.12.2016

Discount-tuotto 11.5%

Outperformance-taso 6.03


Sanastoa

Maksimitaso: Korkein taso, jolle asti sijoittaja on osallinen kohde-etuuden nousussa

Erääntymispäivä: Päivä, jolloin Discount-sertifikaatti erääntyy ja käteissuorituksen määrä määritetään

Alennus: Kertoo kuinka paljon halvempi Discount-sertifikaatti on kohde-etuuteen verrattuna

Discount-tuotto: Tuotto, jonka Discount-sertifikaatista saa siinä tapauksessa, että kohde-etuus on erääntymispäivänä samalla tasolla kuin ostohetkellä


Hintakehitykseen vaikuttavat tekijät juoksuaikana

Muutos HintaDiscount-sertifikaatti

Kohde-etuus

Volatiliteetti

Juoksuaika

Osinko-odotukset

Korkotaso


4. Yhteenveto

Yhteenveto


Osallistuminen kohde-etuuden nousuun maksimitasolle asti

Erääntymisen yhteydessä sertifikaatista maksetaan kohde-etuuden arvo, kuitenkin korkeintaan maksimitaso (kertoimella korjattuna)

Ominaisuudet– mahdollistaa positiivisen tuoton paikallaanpysyvässä tai hieman laskevassa markkinassa– tappiopuskuri

Juoksuaikana tuotteen hintaan vaikuttaa – kohde-etuuden hintakehitys– volatiliteetti– aika-arvo– osinko-odotukset – korkotaso

9 Yhteenveto

Citifirst.fi

10 Yhteenveto

Citifirst.fi

11 Yhteenveto

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12 Yhteenveto

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13 Yhteenveto

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Liite: skenaarioita eräpäivänä - Nokia

Nokian päätöskurssi eräpäivänä (EUR)

TuottoNokia

Käteissuoritus Discount-sertifikaatti

TuottoDiscount-sertifikaatti

3.25 -39.9% 3.25 -31.0% 0.70 euron eli 13% suuruinen alennus mahdollistaa positiivisen tuoton myös paikallaan pysyvän tai jopa hieman laskevan kurssikehityksen yhteydessä.

3.79 -29.9% 3.79 -19.5%

4.33 -20.0% 4.33 -8.1%

4.71 -12.9% 4.71 0%

4.87 -10.0% 4.87 3.4%

5.25 -3.0% 5.25 11.5%

5.41 0% 5.25 11.5% Maksimitaso rajaa maksusuorituksen 5.25 euroon, vaikka Nokian kurssi olisi korkeampi.

Tässä esimerkissä Discount Sertifikaatin korkein mahdollinen tuotto on 11,5 prosenttia.

5.95 10.0% 5.25 11.5%

6.49 20.0% 5.25 11.5%

7.03 29.9% 5.25 11.5%

7.58 40.1% 5.25 11.5%


Maksimitaso 5.25

Nokia, EUR 5.41

14 Yhteenveto

Economy & Finance

CitiFirst - Tuottoa Discount-sertifikaateilla