Im aktuellen Marktumfeld bieten sich mit Barrier Reverse Convertibles interessante Anlagechancen. Mit einem Risikopuffer von 30% ist der Anleger auch bei einer seitwärts- oder abwärts tendierenden Aktienentwicklung bis zur Barriere von 70% geschützt. Dabei stellen wir Ihnen die Aktien Nestlé, Roche und Zurich Financial Services vor, bei welchen Sie von hohen Dividendenrenditen profitieren könnten. Die drei ausgewählten Aktien machen im Leitindex SMI® insgesamt 45% der Gesamtmarktkapitalisierung aus.

Höhere Renditechancen dank Referenzanleihen
Mit der Hinzunahme einer Referenzanleihe im strukturierten Produkt, können Anleger von einer höheren Renditechance sowie von einer Diversifikation des Schuldnerrisikos profitieren. Als Beispiel: Mit einem Multi Defender Vonti auf die Basiswerte Nestlé, Roche und Zurich FS mit Referenzanleihe "Glencore Finance Europe SA"2 (Rating: Moody's 'Baa2') wird ein Coupon in der Höhe von 9.75% ausbezahlt sowie eine Schuldnerdiversifikation mittels Glencore vorgenommen. Ein herkömmliches Multi Defender Vonti auf die drei Basiswerte ohne Referenzanleihe offeriert vergleichsweise einen Coupon in der Höhe von 8.9%.

Wenn Sie als Anleger davon ausgehen, dass die jeweilige Aktienkurs während der Laufzeit nicht unter die Barriere sinken, könnten folgende Produktideen interessant für Sie sein:

Produktidee
Produktkategorie:  Renditeoptimierung / Multi Barrier Reverse Convertible (SVSP: 1230 / 1420 mit Referenzschuldner)
Produktdetails:  Nestlé, Roche und Zurich FS in CHF (mit Referenzanleihe "Glencore Finance Europe SA2"), Laufzeit 1 Jahr, Barriere 70%

In the current market environment Barrier Reverse Convertibles offer interesting investment opportunities. With a risk buffer of 30% - calculated at current share prices investors are protected  up to a barrier of 70% in the event of a sideways or downward trending performance. We have selected a share combination of the Swiss equities Nestlé, Roche and Zurich FS (45% of the SMI market capitalization) which offer high dividend yields.

Higher yield pick-up with reference bonds
With the addition of a reference bond, you benefit from higher yield opportunities as well as a diversification of the debtor risk. For instance, investors in a Multi Defender Vonti on Nestlé, Roche and Zurich FS with a "Glencore Europe Financial SA"2 (Rating: Moody's 'Baa2') reference bond have the opportunity of earning a coupon of 9.75% as well as a counterparty diversification through Glencore, while a traditional Multi Defender Vonti on Nestlé, Roche and Zurich FS would pay a coupon of 8.9% only.

If you believe that share prices will not drop below the barriers, the following product structure may be of interest to you:

Product idea:
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230 / SSPA: 1420 with Reference Bonds)
Product details: Nestlé, Roche und Zurich FS in CHF (with Reference Bond "Glencore Finance Europe SA2"2), 1 year, barrier 70%

Please see our list for a broader choice of reference bonds:

List of reference bonds as of january 23, 2012

Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of January 16, 2012


Download our online brochure about reference bonds for detailed information. Download here.

Im aktuellen Marktumfeld bieten sich mit Bonus Zertifikaten interessante Anlagechancen mit Barriere. Der Anleger erhält eine Mindestrückzahlung in der Höhe des Bonuslevels, solange die Barriere während der Beobachtungszeit nicht berührt oder unterschritten wurde. Mit einem Abstand zur Barriere von 30% oder 40% ist der Anleger auch bei einer seitwärts- oder abwärts tendierenden Aktienentwicklung bis zur Barriere von 60% oder 70% geschützt. Dabei stellen wir Ihnen die Aktie Zurich Financial Services und Deutsche Telekom AG vor, bei welchen Sie von der momentanen Volatilität und Dividendenrendite profitieren könnten.

Kommentar des Research Vontobel Investment Bankings
Mit einer geschätzten Kapitalrendite (ROE) von 12.5% dürfte Zurich Financial Services seine Kapitalkosten decken und sollte deshalb über Buchwert handeln. Ebenso erachten wir die erwartete Dividende von CHF 17 als gesichert.

Wenn Sie als Anleger an einen möglichen Anstieg glauben, Kursrückschläge jedoch nicht ausschliessen und eine zusätzliche Sicherheit möchten, könnte folgende Produktidee interessant für Sie sein:

Produktidee
Produktkategorie:  Partizipation / Bonus Zertifikate (SVSP: 1320)
Produktdetails:     1) Zurich Financial Services in CHF, Laufzeit 2 Jahre, Barriere 70%
                                  2) Deutsche Telekom AG in EUR, Laufzeit 2 Jahre, Barriere 60%

*Bonus Zertifikate bieten einen Sicherheitspuffer gegen leicht negative Kursausschläge, d.h. sie bieten eine Mindestrückzahlung in Höhe des Bonuslevels, solange der Basiswert während der Barrierenbeobachtung die Barriere nicht berührt.

In the current market environment, Bonus Certificates offer interesting investment opportunities with a barrier. Based on our current product ideas, investors benefit from a barrier of 60% or 70%. Risk buffers of 30% or 40% - calculated at current share price - provide a certain protection in the event of a sideways or downward trending performance up to the barrier. In order to allow you to benefit from volatilities and dividend yields, we have selected the Zurich Financial Services and Deutsche Telekom AG shares as underlyings.

Research comment Vontobel Investment Banking
With an estimated return on equity (ROE) of 12.5%, Zurich Financial Services is likely to cover its cost of capital and should accordingly trade above book value. We also believe that the expected dividend of CHF 17 is secure.

If you think the underlyings are about to rise or go sideways, but that downturns could also be possible, the following product structure may be of interest to you:

Product idea
Product category:  Participation / Bonus Certificate (SSPA: 1320)
Product details:     1) Zurich Financial Services in CHF, 2 years, barrier 70%
                                   2) Deutsche Telekom AG in EUR, 2 years, barrier 60%

*Bonus Certificates offer a minimum redemption in the amount of the strike price (bonus level) if the underlying does not touch the barrier during barrier monitoring.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of January 9, 2012


Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of January 3, 2012


Download our online brochure about reference bonds for detailed information. Download here.

Discount Certificates offer attractive investment opportunities in the current market environment. This product structure in the yield enhancement segment can provide attractive yields by offering a discount on the underlying asset. The product idea below presents you a possibilty with and without reference bond.

Higher Yield Pick-up with Reference Bonds
With the addition of a reference bond, you benefit from higher yield opportunities as well as a diversification of the debtor risk. For instance, investors in a Voncore on EURO STOXX 50® Index with a "General Electric Capital Corporation" (Rating: Moody's 'Aa2') reference bond* have the opportunity of earning a maximum yield up to 8.51%, while a traditional Voncore on EURO STOXX 50® Index would pay a max yield up to of 6.50% only. The additional yield is a consequence of the fact that the credit default risk on the defined reference bond has to be borne by the investor during the life of the Voncore.

If you believe the price of the EURO STOXX 50@ Index will tend moderately higher or sideways, the following product structure may be of interest to you:

For example:
Product category: Yield Enhancement / Discount Certificate (SSPA: 1200 / SSPA: 1420 with Reference Bonds))
Product structure: Voncore/ Discount Certificate
Product details: EURO STOXX 50® Index in EUR ((alt. with Reference Bond General Electric Capital Corporation), 1 year, Strike 80%

* CHF 2% General Electric Capital Corporation 18.02.2014 (Moody's 'Aa2')

COSI® minimises the counterparty risk against Vontobel.
COSI® Collateral Secured Instruments - Investor Protection engineered by SIX Group.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of December 12, 2011

Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Defender Vonti or VONTT offer, through attractive yield possibilities, interesting investment opportunities. Based on our current product ideas, investors benefit from a barrier of 70% or from a strike price 10% lower than the spot price. Risk buffers of 30% - calculated at current share prices - provide a conditional capital protection in the event of a sideways or downward trending performance up to barrier of 70%. In order to allow you to benefit from currently high volatilities, we have selected the shares of ABB and the SMI as underlyings.

Higher Yield Pick-up with Reference Bonds³
With the addition of a reference bond, you benefit from higher yield opportunities as well as a diversification of the debtor risk. For instance, investors in a Defender Vonti on ABB with a "Givaudan²" reference bond have the opportunity of earning a coupon of 9.55%, while a traditional Defender Vonti on ABB would pay a coupon of only 8.85%. The additional yield is a consequence of the fact that the credit default risk on the defined reference bond has to be borne by the investor during the life of the Defender Vonti.

If you believe that share prices will not drop below the barriers, the following product structures may be of interest to you:

Product idea 1
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230 / SSPA: 1420 with Reference Bonds)
Product details: ABB in CHF (with reference bond "Givaudan²"), 1 year, barrier 70%

If you believe that share prices will tend higher, the following product structures may be of interest to you:

Product idea 2
Product category: Yield Enhancement / Capped-Outperformance-Certificate (SSPA: 1240)
Product details:
1) ABB in CHF, 1 year, Strike 100%, Factor 2.00
2) SMI in CHF, 1 year, Strike 90%, Factor 1.50

Conclusion: If you expect the SMI® to be trading at 106.70% (Cap) of the initial value at expiry, because of the factor of 1.5 you have the opportunity of a maximum yield of 15.05% p.a. If the SMI® is trading at 100% of the initial value at expiry, investors will still earn a yield of 5%.

The link below provides an example of possible payoff scenarios of a VONTT with strike a 90%:
Example Payoff scenarios

¹Please note: Due to the higher volatility, the investor has the benefit of a higher coupon, but also has a greater risk of the barrier being breached during barrier monitoring.
²CHF 4.25% Givaudan SA 19.03.2014
³In order to avoid investors having to bear two credit risks at the same time, Vontobel Structured Products with Reference Bonds are regularly featured as so-called COSI® Collateral Secured Instruments. Thanks to the respective collateralisation, the counterparty risk against Vontobel is reduced to a minimum. In any case Vontobel remains the Issuer and Market Maker for all its Structured Products and continues to provide the investor with comprehensive, high-quality service. COSI® minimises the counterparty risk against Vontobel. COSI® Collateral Secured Instruments Investor Protection engineered by SIX Group.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of December 5, 2011

Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Multi Defender Vonti offer, through attractive coupon payments, interesting investment opportunities. Based on our current product idea, investors benefit from a barrier of 70%. Risk buffers of 30% - calculated at current share prices - provide a conditional capital protection in the event of a sideways or downward trending performance up to barrier of 70%. In order to allow you to benefit from currently high volatilities, we have selected the share combinations of Swiss equities Nestlé, Novartis and ABB (50% of the SMI market capitalization) or of Japanese stocks Japan Tabacco, Toyota and Mitsubishi Estate.

Higher Yield Pick-up with Reference Bonds
With the addition of a reference bond, you benefit from higher yield opportunities as well as a diversification of the debtor risk. For instance, investors in a Multi Defender Vonti on Nestlé, Novartis and ABB with a "Holcim²" (Rating: Moody's 'Baa2') reference bond have the opportunity of earning a coupon of 13.20%, while a traditional Multi Defender Vonti on Nestlé, Novartis and ABB would pay a coupon of 11.40% only. The additional yield is a consequence of the fact that the credit default risk on the defined reference bond has to be borne by the investor during the life of the Multi Defender Vonti. In order to avoid investors having to bear two credit risks at the same time, Vontobel Structured Products with Reference Bonds are regularly featured as so-called COSI® Collateral Secured Instruments. Thanks to the respective collateralisation, the counterparty risk against Vontobel is reduced to a minimum. In any case Vontobel remains the Issuer and Market Maker for all its Structured Products and continues to provide the investor with comprehensive, high-quality service.

If you believe that share prices will not drop below the barriers, the following product structure may be of interest to you:

Product idea:
Product category: Yield Enhancement / Multi Barrier Reverse Convertible (SSPA: 1230 / SSPA: 1420 with Reference Bonds)
Product details:
1) Nestlé, Novartis, ABB in CHF (with reference bond "Holcim2"), 1 year, barrier 70%
2) Japan Tabacco, Toyota, Mitsubishi Estate in JPY, 1 year, barrier 70%

Please see our list for a broader choice of reference bonds:


List of reference bonds as of November 28, 2011


Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Barrier Reverse Convertibles offer, through attractive coupon payments, interesting investment opportunities. Based on our current product idea, investors benefit from strike prices 10% or 20% lower than the spot prices. Risk buffers of 20% or 30% - calculated at current share prices - provide a conditional capital protection in the event of a sideways or downward trending performance up to barriers of 80% or 70%. In order to allow you to benefit from currently high volatilities, we have selected the shares of Zurich FS and Daimler as underlyings.

Higher Yield Pick-up with Reference Bonds⁴
With the addition of a reference bond, you benefit from higher yield opportunities as well as a diversification of the debtor risk. For instance, investors in a Defender Vonti on Zurich FS with a "Holcim²" (Rating: Moody's 'Baa2') reference bond have the opportunity of earning a coupon of 7.80%, while a traditional Defender Vonti on Zurich FS could pay a coupon of 7.40%. In today's product idea you will also find the reference bond "Nestlé³" which has got a good rating (Rating: Moody's 'Aa1'). A Defender Vonti on Zurich FS with a "Nestlé" could accordingly pay a coupon of 7.30%. Depending on the choice of the reference debtor, the investor assumes a lower or a greater risk.

If you believe that share prices will not drop below the barriers, or would like to benefit from the attractive discount to the spot reference price, the following product structure may be of interest to you:

Product idea:
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230 / SSPA: 1420 with Reference Bond)
Product details:
1) Zurich FS (ZURN) in CHF (with reference bond "Holcim²" or "Nestlé³"), 6 months, Strike 90%, Barrier 80% 
2) Daimler (DAI) in EUR, 6 months, Strike 80%, Barrier 70%

Update overview reference bond issuers / CDS-Spreads


Please see our list for a broader choice of reference bonds:


List of reference bonds as of November 21, 2011
 

Download our online brochure about reference bonds for detailed information. Download here.

The 2 new reference bonds issuers "People's Republic of China" and "State Bank of India" have been added on deritrade®. You may now simulate and/or trade a customized Structured Product among the following 31 Reference Bond Issuers:

• ABB International Finance Ltd.
• Adecco SA
• Allianz SE
• ArcelorMittal
• Bank of America Corporation
• BMW AG
• BNP Paribas
• Coca Cola Enterprises Inc.
• Credit Suisse Group Ltd.
• Credit Suisse USA
• Daimler AG
• Deutsche Bank AG
• Gazprom OAO
• General Electric Capital Corporation
• Givaudan SA
• Glencore International AG
• Holcim SA
• Hyundai Motor Company
• IBM Corporation
• Johnson&Johnson
• Kingdom of Spain
• Nestlé SA
• People's Republic of China
• Procter & Gamble Co.
• Republic of Italy
• Roche Holdings Inc.
• State Bank of India
• Swisscom Ltd.
• Total SA
• Toyota Motor Corporation
• UBS AG
  
  

Please take a look at the updated CDS spreads list of reference bond issuers as of November 17, 2011


Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Defender VONTIs offer, through attractive coupon payments, interesting investment opportunities. Generous risk buffers of 30% resp. 40% - calculated on present share prices -, provide a conditional capital protection in the event of a sideways or downward trending performance up to the barrier of 70% resp. 60%.
In order to allow you to benefit from currently high volatilities we have selected the shares of ABB and RWE as underlyings. Both stocks have been among the TOP 3 most sought after underlyings last week.


Higher Yield Pick Up with Reference Bonds
In order to generate a further yield pick-up, you may consider adding one of the Reference Bonds Holcim** or General Electric*** to the standard 1-year Defender Vonti. As a result, the coupon in the Defender Vonti on ABB increases from 8.35% to 8.75% (Holcim**) resp. to 9.40% (General Electric***). The additional yield is a consequence of the fact that the credit default risk on the defined Reference Bond has to be borne by the investor during the life of the Defender Vonti. In order to avoid investors having to bear two credit risks at the same time, Vontobel Structured Products with Reference Bonds are regularly featured as so-called COSI® Collateral Secured Instruments. Thanks to the respective collateralisation, the counterparty risk against Vontobel is hereby reduced to a minimum. In any case Vontobel remains the Issuer and Market Maker for all its Structured Products and continues to provide the investor with comprehensive, high-quality service.

If you believe equity prices will tend moderately downward or sideways, the following product structures may be of interest to you:


For example:
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230 / SSPA: 1420 with Reference Bonds)
Product details:
1) ABB in CHF with reference bond "Holcim" or "General Electric", 1 year, Barrier 60%
2) RWE in EUR, 1 year, Barrier 60%/70%

Please see our list for a broader choice of reference bonds:

List of reference bonds as of November 14, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Discount Certificates offer attractive investment opportunities in the current market environment. This product structure in the yield enhancement segment can provide attractive yields by offering a discount on the underlying asset. We would like to highlight the shares of ABB and Daimler, which were among the TOP 3 most sought after underlyings last week. The product idea below presents an overview of various strike levels at 80%, 90% or 100%.


If you believe equity prices will tend moderately higher or sideways, the following product structure may be of interest to you:


For example:
Product category: Yield Enhancement / Discount Certificate (SSPA: 1200)
Product details: ABB in CHF, Daimler in EUR, 1 year, Strike 80%/90%/100%

Please see our list for a broader choice of reference bonds:


List of reference bonds as of November 7, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of November 4, 2011


Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Bonus Certificates offer interesting investment opportunities with conditional capital protection. The investor will receive a minimum redemption in the amount of the strike price (bonus level) as long as the underlying does not touch the barrier during barrier monitoring. A risk buffer of 20-30% provides protection in the event of a sideways or downward trending performance as long as the barrier is not reached. We have selected two underlyings which would enable you to benefit from the current inverse head and shoulders formation.


Chart technical analysis
Along the lines of last week's product idea, we recommend Novartis and BMW. The chart patterns reveal that the inverse head and shoulders formation is still intact. Based on a technical analysis, this formation signals higher share prices.
Novartis published its results last Tuesday (25.10.2011), after which the stock fell some 2.5% (week comparison) and stood at CHF 50.45 today at 2.30 pm (31.10.2011). BMW on the other hand rose 4.2% and broke the neckline of EUR 58. If the stock continues its upward trend, it could reach EUR 71.

If you think the underlyings are about to rise or go sideways, but that downturns could also be possible, the following product structure may be of interest to you:

For example:
Product category:  Participation / Bonus Certificate (SSPA: 1240)
Product details:  1) Novartis in CHF, 2 years, barrier 80%
2) BMW in EUR, 2 years, barrier 70%, 75% or 80%

In the current market environment, Bonus Certificates offer interesting investment opportunities with conditional capital protection. The investor will receive a minimum redemption in the amount of the strike price (bonus level) as long as the underlying does not touch the barrier during barrier monitoring. A risk buffer of 20-30% provides protection in the event of a sideways or downward trending performance as long as the barrier is not reached. We have selected two underlyings which would enable you to benefit from the current inverse head and shoulders formation.

Technical analysis: chart patterns
The BMW and Novartis chart patterns currently reveal an inverse head and shoulders formation. According to technical analysis, this formation signals higher share prices. If Novartis' share price breaches current resistance at CHF 53 it could rise CHF 9 to CHF 62. If BMW's share price breaches the EUR 58 resistance level, it could advance EUR 13 to EUR 71.

If you think the underlyings are about to rise or go sideways, but that downturns could also be possible, the following product structure may be of interest to you:

For example:
Product category:  Participation / Bonus Certificate (SSPA: 1320)
Product details:  
1) Novartis in CHF, 2 years, barrier 80%
2) BMW in EUR, 2 years, barrier 70%, 75% or 80%

*Bonus Certificates offer a minimum redemption in the amount of the strike price (bonus level) if the underlying does not touch the barrier during barrier monitoring.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of October 24, 2011


Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, Multi Defender VONTIs offer interesting investment opportunities and attractive coupon payments. A generous risk buffer of 40% provides the investor protection in the event of a sideways or downward trending performance up to the barrier of 60%. We have selected a few underlyings which would allow you to benefit from the high volatility and diverging correlations. Below are current assessments for two of the six selected underlyings:

BMW AG: BMW AG has been riding a wave of success for some time now and announced a new record in sales at the beginning of October. The company saw sales increase 16% ytd to 1.23 million cars. BMW is thus well on track to achieving its planned sales record of more that 1.6 million cars (source: awp).

Nobel Biocare Holding AG: Citigroup experts reduced their price target for Nobel Biocare at the beginning of October. They downgraded the stock from "Buy" to "Sell" and subsequently lowered the price target from CHF 25.40 to CHF 7.20. The downgrade followed on the heels of the gloomier prospects for global economic growth (source: awp). The 6-month volatility is currently 61.50% and the 52-week high is 66.20% and the 52-week low 32.70% (source: Finanz und Wirtschaft, 15.10.2011).

For example:
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230)
Product structure: Multi Defender VONTI
Product details: 1) Adidas AG, Bayer, BMW, EUR, maturity 1 year, Barrier 60% 2) ABB, Nobel Biocare, Roche Holding, CHF, maturity 1 year, Barrier 60%

Please see our list for a broader choice of reference bonds:


List of reference bonds as of October 17, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of October 10, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Voncash products can now be traded with maturity of one week. A total universe of 49 currency pairs are listed on deritrade.

List of currency pairs as of October 6, 2011

Please note that precious metal (XAU) is only available with maturity of two weeks.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of October 3, 2011

Download our online brochure about reference bonds for detailed information. Download here.

AXA SA's share price has been on a downward trend since July 2011 (EUR 15.85) and is currently trading at EUR 9.332
(-41.12%). The current 52-week low is at EUR 8.05, the all-time low at EUR 5.58.
Today's product idea consists of a Defender Vonti on this underlying, with a strike price of EUR 7.466 (an attractive 20% discount to the Spot Reference Price) and with a Barrier at EUR 4.666 (16.38% lower than the all-time low). AXA's next dividend payment date is scheduled as of end of April 2012 and will therefore not be included in the coupon calculation.
If you expect AXA SA's share price not to fall below the barrier level, the following product structure may be of interest to you:


For example
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230)
Product structure: Defender VONTI
Product details: AXA SA (EUR 9.332), maturity 6 months

Please see our list for a broader choice of reference bonds:


List of reference bonds as of September 19, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of September 12, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of September 5, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Structured products Voncore and Defender Voncore can now be traded with reference bonds. A total universe of 27 reference bonds are listed on deritrade.

Please note that the quantity and not the total amount for these products must be entered.

Please see our CDS-list for a broader choice of reference bonds:

List of reference bonds as of August 29, 2011


Download our online brochure about reference bonds for detailed information. Download here.

The volatilities for 2- to 5-month options are currently at roughly the same levels and subsequently drop quite sharply. If you expect equity prices to tend higher or move sideways in the next five months, the following product structures may be of interest to you:


For example:
Product category: Yield Enhancement / Discount Certificate (SSPA/EUSIPA: 1200)
Product structure: Voncore / Discount Certificate
Product details: Allianz SE in EUR, Swiss Life Holding AG in CHF, Zurich Financial Services AG in CHF, 5 months

Please see our list for a broader choice of reference bonds:

List of reference bonds as of August 29, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Volatility remains high in the wake of recent stock market turbulence and uncertainty surrounding European sovereign debt and the US debt crisis. In this market environment, i.e. lower equity market levels and higher volatility, the following product structure may be of interest to you:


Barrier Reverse Convertibles

For example Swiss Underlyings:
Product category: Yield Enhancement / Barrier Reverse Convertibles (SSPA: 1230)
Product structure: Multi Defender Vonti
Product details: Nestlé SA , Novartis AG, Roche Holding AG in CHF for 13 months, Barrier 70% or 80%


CH; Barrier 70%:

For example German Underlyings:
Product category: Yield Enhancement / Barrier Reverse Convertibles (SSPA: 1230)
Product structure: Multi Defender Vonti
Product details: Deutsche Post AG , Deutsche Telekom AG, Linde AG, in EUR for 12 months, Barrier 70% or 80%

GER; Barrier 70%:

Please see our list for a broader choice of reference bonds:

List of reference bonds as of August 22, 2011

Download our online brochure about reference bonds for detailed information. Download here.

In the current market environment, attractive underlyings such as Zurich Financial Services or Daimler AG offer interesting product structures in terms of yield enhancement and participation. If you think the underlyings are about to rise or go sideways, the following product structures with VONTT or Defender Voncert may be of interest to you:


For example:
Product category: Yield Enhancement / Capped Outperformance Certificate (SSPA: 1240)
Product structure: VONTT
Product details: Zurich Financial Services, CHF, 1 year, Factor 2.5

For example:
Product category: Participation / Bonus Certificate (SSPA: 1320)
Product structure: Defender Voncert
Product details: Daimler AG in EUR, Zurich Financial Services in CHF, 1 year

12 new reference bonds issuers have been added on deritrade®. You may now simulate and/or trade a customized Structured Product among the following 29 Reference Bond Issuers:


 ABB International Finance Ltd.
 Adecco SA
 Allianz SE
 ArcelorMittal
 Bank of America Corporation
 BMW AG
 BNP Paribas
 Coca Cola Enterprises Inc.
 Credit Suisse Group Ltd.
 Credit Suisse USA
 Daimler AG
 Deutsche Bank AG
 Gazprom OAO
 General Electric Capital Corporation
 Givaudan SA
 Glencore International AG
 Holcim SA
 Hyundai Motor Company
 IBM Corporation
 Johnson&Johnson
 Kingdom of Spain
 Nestlé SA
 Procter & Gamble Co.
 Republic of Italy
 Roche Holdings Inc.
 Swisscom Ltd.
 Total SA
 Toyota Motor Corporation
 UBS AG

Please take a look at the updated CDS spreads list of reference bond issuers as of August 17, 2011

Download our online brochure about reference bonds for detailed information. Download here.

On August 10, 2011, Vontobel Group has published the semi-annual results. Since July 1, 2011, the Vontobel Group is subject to a minimum capital requirement defined as eligible capital as a percentage of risk-weighted positions of 12%. With a FINMA total capital ratio of 20.1% and a BIS tier 1 capital ratio of 24.9%, the Vontobel Group is very comfortably capitalized. It is significantly higher than the regulatory requirement and underscores our risk conscious business policy. It already meets the stricter capital requirements that apply under Basel III.


For further information, please see our updated Issuer Portrait.

High volatilities offer attractive opportunities with Multi Defender Vontis. The BSI SA's implied volatility statistics published in the Swiss financial newspaper Finanz und Wirtschaft (dd. 10 August 11) compare 6-month options on a one-year basis. According to these statistics, Zurich FS, Credit Suisse, Roche Holding and Clariant have reached 52 week highs as regards their volatility levels. 6-month forward volatility for ZURN, for instance, ranges between 13.7 and 31.4. If you share the above opinion that the underlyings are now at their highest volatility levels, the following product structure with Multi Defender VONTIs may be of interest to you:


For example:
Product category: Yield Enhancement / Multi Barrier Reverse Convertible (SSPA: 1230)
Product structure: Multi Defender VONTI
Product details: CHF, 6 months, Issue Price 100%, Nominal CHF 1,000.00

*Please note: Due to the higher volatility, the investor has the chance of a higher coupon but also a greater risk that the barrier might be touched during the barrier monitoring.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of August 8, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Volatility is still on a high level while the US-Dollar seems to remain on a low one. If you think, gold and silver will move sideways or will fall moderately, the following product structure with Multi Defender VONTI may be of interest to you:


For example:
Product category: Yield Enhancement / Barrier Reverse Convertible (SSPA: 1230)
Product structure: Multi Defender VONTI
Product details: USD, 1year; Issue Price 100%, Nominal USD 1'000
Underlyings: iShares Gold Trust (USD 16.39) and iShares Silver Trust (USD 40.96)

*Please note: Due to the higher volatility, the investor has the chance of a higher coupon but also a greater risk that the barrier might be touched during the barrier monitoring. Please consider the USD investment.

Please see our list for a broader choice of reference bonds:


List of reference bonds as of August 2, 2011


Download our online brochure about reference bonds for detailed information. Download here.

17 new ETF underlyings have been added for Defender Vontis and Multi Defender Vontis. You can now trade the following 17 index trackers on deritrade:

• Powershares DB Agriculture
• iShares MSCI Emerging Markets
• iShares MSCI Brazil
• Market Vectors Gold Miners
• SPDR Gold Trust
• iShares S&P GSCI Commodity
• iShares Gold Trust
• iShares Russel 2000
• iShares Iboxx Inv Gr Corp Bd
• Powershares QQQ Nasdaq 100
• iShares Silver Trust
• SPDR S&P 500 ETF Trust
• iShares Barclays Tips Bond
• Proshre Ult DJ-UBS Crude Oil
• US Natural Gas Fund LP
• United States Oil Fund LP
• iShares S&P / TSX 60 Index Fund

Please see our list for a broader choice of reference bonds:


List of reference bonds as of July 25, 2011


Download our online brochure about reference bonds for detailed information. Download here.

Volatility has risen in the wake of recent stock market turbulence and uncertainty over European national sovereign debt and the US debt ceiling. In this market environment, i.e. lower equity market levels and higher volatility, the following product structure with short-term Barrier Reverse Convertibles may be of interest to you:

For example:
Product category: Yield Enhancement / Barrier Reverse Convertibles (SSPA: 1230)
Product structure: Multi Defender Vonti
Product details: Adecco SA, Holcim Ltd., Swiss Life Holding AG, CHF, 3 months, Barrier 80%

Underlying

Issue Price / 
Nominal Value

Strike

Barrier*

Max Yield 
up to*

Adecco SA

Holcim Ltd.

Swiss Life Holding AG

100% /

CHF 1'000.00

CHF 49.49

CHF 55.88

CHF 121.50 

80% (CHF 39.60)

80% (CHF 44.71)

80% (CHF 97.20)

~ 6.15 % 

(24.60 % p.a.)

Please see our list for a broader choice of reference bonds:

List of reference bonds as of July 19, 2011

Download our online brochure about reference bonds for detailed information. Download here.

BASF SE is currently trading at EUR 65.63 and has been on a long-term upward trend since January 2009 (EUR 20) as well as on a short-term run since May 23, 2011 (EUR 60). If you think the BASF's share price can climb further, the following product structure may be of interest to you:

For example:
Product category: Yield Enhancement/Discount Certificate (SSPA/EUSIPA product type: 1200)
Product structure: Voncore / Discount Certificate
Product details: BASF SE, EUR, 1year

Please see our list for a broader choice of reference bonds:

List of reference bonds as of July 11, 2011

Download our online brochure about reference bonds for detailed information. Download here.

The USD/CHF traded between 0.84 and 0.86 the last 30 days and the volatility is still on a high level. With this volatility a Voncash USD/CHF pays a yield of 15.75% p.a.

Example
Investment currency:     CHF
Alternative currency:     USD
Maturity:                      2 weeks
Strike:                         atm
=> Max. yield up to:     ~ 15.75% p.a.

Please see our list for a broader choice of reference bonds:

List of reference bonds as of July 4, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Create your tailor-made solution with deritrade®. We are delighted to announce that the new flyer is now available:

Download Flyer: English / German

Please see our list for a broader choice of reference bonds:

List of reference bonds as of June 21, 2011

Download our online brochure about reference bonds for detailed information. Download here.

Swiss Re (SREN) lost 2.25% on 20.6.2011 and the volatility went up. This could be an occasion for Barrier Reverse Convertibles (i.e. Defender Vontis). The 52-week-low is CHF 41.47 and there is a possible chart technical support. The closing price of SREN was CHF 46.91

1-year Defender Vonti (2 possibilities):

The following underlyings were most actively traded on deritrade® in the past week (June 6 June 10):

1) EUR/USD
2) EUR/CHF
3) Hewlett-Packard Company and ABB Ltd.

ABB Ltd. (ABB): Vontobel Research comment for the most actively traded underlying ABB
A second step to strengthen its software capabilities - attractive growth profile and profitable maintenance revenues could lead to mid term estimates upgrades - Buy, PT CHF 27.5
FACTS: ABB has agreed to acquire the Australia-based Mincom to broaden its software portfolio and establish the company as a leader in enterprise asset management (EAM) software and services. Mincom has 1,000 employees and generates revenues of approx. USD 200 mn.
COMMENT: ABB continues to expand software business as previously indicated, further narrowing gap to Siemens. We like the software business due to its recurring nature of maintenance revenues. In addition, Mincom strengthens its Asia Pacific/Latam business with broad industry focus, but strong in mining. Mincom will be added to Ventyx's software business, acquired in 2010.
No purchase price was disclosed but we est. 4-5x EV/sales, i.e. USD 800-1,000 mn, which compares to 4x EV/sales paid for Ventyx.
CONCLUSION: ABB made an excellent strategic move but will not trigger changes to estimates at this time. However, there is mid-term upside to our forecasts due to higher share of software revenues. Confirm BUY rating, PT CHF 27.5.

• Adecco S.A.
• Bank of America Corporation
• BNP Paribas
• Credit Suisse Group Ltd.
• Credit Suisse USA
• Daimler AG
• Deutsche Bank AG
• General Electric Capital Corporation
• Givaudan SA
• Glencore International AG
• Holcim SA
• Hyundai Motor Company
• Kingdom of Spain
• Republic of Italy
• Swisscom Ltd.
• Total SA
• UBS AG

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