February 2002
UBS goes the extra mile
INDEX-LINKED PRODUCTS
Allianz was excited about it last year, now the time has
come for Zurich Financial Services to join in. UBS Warburg has
further developed its market index-linked equity securities (Miles)
product since it lead managed the first Miles issue for Allianz
last year. Unlike the Allianz deal, which allowed the issuer to
choose to exchange the note into one of several of its holdings,
the new version is a convertible and can only be converted into
Zurich's own shares.
Zurich's Miles issue is linked to the Swiss market total return
index (SMIC) and offers investors a 1% annual cash premium on the
index level at issue, rather than a fixed coupon as usually
received by those investing in convertibles.
The main difference between Miles and a more typical convertible
is that S&P...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe