Questions on securities

Monday - Friday 09:00-17:00

Quick guide

Choose your country

Our Glossary

Page 1 of 3
Call option An option that gives the holder the right to buy the underlying instrument.
Cancellation Redemption prior to the end of maturity.
Cap In the context of capital markets, this term defines the “capping of profits”: The cap is a maximum amount, set in advance for a security such as for example a discount certificate, up to which the holder can participate in rising returns.
Capital adjustment Capital increase or decrease out of retained earnings.
Capital decrease Reduction in the share capital within the framework of a restructuring (e.g. by cancellation of shares).
Capital protected products Capital protected products attach great importance to the full or partial protection of the invested capital in connection with interesting return opportunities. Essential features are return opportunities that do not depend on the direction the underlying instrument is taking as well as variable payout structures (e.g. lock-in of all-time high or average performance of the underlying). The products of this category therefore offer you a lower degree of risk for your investment in combination with attractive return opportunities.
Capital increase Increase of the share capital by issuing new shares (as decided in the Annual General Meeting).
Capital investment company A private or public limited company that is entitled to manage capital investment funds.
Cash or share bonds Cash or share bonds are debentures with a very attractive interest rate. Given that the bond is linked to a share (underlying), coupons are substantially above market rates. In return for the high coupon, the investor also bears the risk from the share: at the end of maturity, the redemption of the share bond is based on the price of the underlying instrument. If at the end of maturity the share price is above the initial value, the coupon and the nominal value are redeemed. If the share price at the end of maturity is below the initial value, the initially agreed on number of shares per nominal value are transferred (usually physical delivery) on top of the coupon. In addition to share bonds with one underlying instrument, there are also share bonds with more shares as underlying instruments. These multi-cash or multi-share bonds tend to pay a higher coupon. Their redemption is based on the share with the worst performance at the end of maturity. A fixed coupon is paid out here as well, regardless of the way of redemption.
Certificate A certificate is a security that belongs to the group of structured financial products. This relatively recent form of investment has been around in German-speaking countries for only about 20 years. One distinguishes between certificates with a defined redemption profile, and participation certificates. Financially speaking, a certificate is a combination of a classic security – such as a bond – and a forward transaction – such as an option; the security and its return hinges on the development of prices, indices, or other key figures in a specified manner. By linking the certificate to abstract, intangible assets, the holder can generate a profit from them without entirely owning them. This way one can for example benefit from the development of the ATX by buying an index certificate without having to buy every single security the ATX contains.


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.


Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.