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CitiFirst - Tuottoa Discount-sertifikaateilla


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Joel Behm esittelee Citin Discount-sertifikaatit. Mikä on Discount-sertifikaatti ja miten voit sijoittaa kohde-etuuteen alennuksella?

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CitiFirst - Tuottoa Discount-sertifikaateilla

  1. 1. Tuottoa Discount-sertifikaateilla Citi Equities | Warrants & Certificates
  2. 2. 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 2 4. Yhteenveto 9
  3. 3. 1. CitiFirst
  4. 4. CitiFirst Citi  Henkilöstöä yli 200 000 ja toimintaa yli 100 maassa  Noin 200 miljoonaa asiakasta  Suomessa vuodesta 1978, lähinnä yritys- ja investointipankkitoimintaa. CitiFirst  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
  5. 5. 2. Discount-sertifikaatit
  6. 6. 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
  7. 7. Sijoita kohde-etuuteen alennuksella 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 3 Discount-sertifikaatit
  8. 8. Käteissuoritus eräpäivänä Esimerkki: DC NOK6L 5.25CG Nokia Hinta 5.41 EUR Alennus 0.70 EUR (12.9%) Discount- sertifikaatti Hinta 4.71 EUR Eräpäivänä Nokian kurssi: 5 EUR Nokian kurssi: 5.50 EUR Nokia Hinta 5.50 EUR Discount- sertifikaatti Maksimitaso 5.25 EUR Käteissuoritus Discount-sertifikaatti 5.25 EUR Nokia Hinta 5 EUR Discount- sertifikaatti Maksimitaso 5.25 EUR Käteissuoritus Discount-sertifikaatti 5 EUR Nokia Discount-sertifikaatti Sertifikaatin hinta, EUR 4.71 Maksimitaso 5.25 Nokia, EUR 5.41 4 Discount-sertifikaatit
  9. 9. 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%) 5 Discount-sertifikaatit
  10. 10. Nokian kurssikehitys Sertifikaatin hinta, EUR 4.71 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 6 Discount-sertifikaatit
  11. 11. 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 7 Discount-sertifikaatit
  12. 12. Hintakehitykseen vaikuttavat tekijät juoksuaikana Muutos Hinta Discount-sertifikaatti Kohde-etuus Volatiliteetti Juoksuaika Osinko-odotukset Korkotaso 8 Discount-sertifikaatit
  13. 13. 4. Yhteenveto
  14. 14. Yhteenveto  Sijoita kohde-etuuteen alennuksella  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
  15. 15. 10 Yhteenveto
  16. 16. 11 Yhteenveto
  17. 17. Nordnet 12 Yhteenveto
  18. 18. Yhteystiedot Puhelin: Suomesta 0800 9 4386 Ulkomailta +49 69 136 63960 Email Internet 13 Yhteenveto
  19. 19. Citi believes that sustainability is good business practice. We work closely with our clients, peer financial institutions, NGOs and other partners to finance solutions to climate change, develop industry standards, reduce our own environmental footprint, and engage with stakeholders to advance shared learning and solutions. 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Citi works with its clients in greenhouse gas intensive industries to evaluate emerging risks from climate change and, where appropriate, to mitigate those risks. efficiency, renewable energy and mitigation This presentation has been prepared by individual sales and/or trading personnel of Citigroup Global Markets Deutschland AG (“Citi”) and not by Citi's research department. It is not investment research or a research recommendation for the purposes of BaFin rules, as it does not constitute substantive research or analysis. The provision of information is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product or transaction. Even if we possess information as to your objectives in relation to any transaction, series of transactions or trading strategy, this will not be deemed sufficient for any assessment of suitability for you of any transaction, series of transactions or trading strategy. 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  20. 20. Liite: skenaarioita eräpäivänä - Nokia Nokian päätöskurssi eräpäivänä (EUR) Tuotto Nokia Käteissuoritus Discount- sertifikaatti Tuotto Discount- 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% Sertifikaatin hinta, EUR 4.71 Maksimitaso 5.25 Nokia, EUR 5.41 14 Yhteenveto