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Bonus Certificates

What are Bonus certificates?

Bonus certificates offer the chance to get a bonus payment in the event of a sideways moving or slightly falling price of the underlying. The redemption depends on the performance of the underlying and can be restricted to a maximum amount, i.e. the cap. In this case investors participate in the price increase of the underlying only up to the cap.

How do Bonus certificates work?

At the issue date two relevant parameteres are fixed: the bonus level, which lies above the issue price and the barrier which is set below the initial value. The bonus level determines the bonus payment and usually tends to equal the cap. Whereas the barrier represents a kind of safety buffer because as long as the price of the underlying does not touch or fall below the barrier, investors receive a bonus payment at the end of maturity.

The redemption at the end of maturity depends on the development of the underlying. If the price of the underlying stays above the barrier, at least the bonus level will be paid. If the price of the underlying is higher than the bonus level, the redemption is accordingly higher. 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 gets the performance of the underlying paid out at the end of maturity (limited by the cap, if any). Depending on whether the price of the underlying is below or above the issue price, the investor suffers a loss or makes a profit.

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