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Bonus Certificates

What are bonus certificates?

Bonus certificates combine three advantages in one product. The investor benefits from rising prices of the underlying instrument, receives a sizeable bonus payment, and, in the case of falling prices, is protected up to (or in fact, down to) the safety barrier. In case of an unexpected slump, the bonus payment is dropped, and the price of the underlying instrument is credited at the end of the term.

How do bonus certificates work?

The bonus level which determines the bonus payment is set above the current price of the underlying at the issue of the certificate. The barrier is set below the initial value. If the specific certificate comes with a cap as well, it is set at or above the bonus level.

The redemption at maturity depends on the development of the underlying. The following two cases can occur:
If the underlying does not fall to or below the barrier, the investor receives at least the bonus level payment. If the price of the underlying is higher than the bonus level at the end of the term, the investor receives the higher payment out of the two. The cap, if any, determines the maximum payout.
If the underlying does fall to or below the barrier at least once during the term of the certificate, there will be no bonus payment. The investor receives the performance of the underlying at maturity (limited by the cap, if any). Depending on whether the price of the underlying is below or above the issue price, the investor incurs a loss or makes a profit.


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