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Garant Bonds

What are Garant Bonds?

Capital protection, i.e. repayment of the nominal amount in a predefined amount at maturity (subject to issuer risk), is the main focus of Garant Bonds.

In addition, Garant Bonds offer participation in the performance of interesting underlyings. With one bond a broad and efficient investment in an underlying (e.g. equity index, multi-asset index or theme index) is possible. The participation in the underlying can be e.g. 1:1, with or without cap, or there is a fixed bonus payment in case of a positive or sideways performance of the underlying.

Some Garant Bonds offer a minimum coupon that is paid out - usually annually - regardless of the performance of the underlying.

How do Garant Bonds work?

The strike price is fixed at the beginning of the term. In the case of Garant Bonds with a coupon, an annual interest is paid (irrespective of the performance of the underlying), otherwise there is no ongoing interest payment.

If the underlying performs in the expected direction, investors participate in its performance. If the Garant Bond has a cap, participation in the performance of the underlying is limited by the cap, otherwise participation is unlimited.

If the performance of the underlying is negative, the capital guarantee applies, with the minimum repayment being a predefined amount of the nominal amount (usually 90% or 100%) at maturity.

In case of Bonus Garant Bonds, a fixed bonus payment is made if the performance of the underlying is positive or constant, regardless of the extent of the positive performance of the underlying.


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