Document vide
Transcription
Document vide
SIMPLIFIED PROSPECTUS Tracker Certificate Underlying: "Demographic curve III" equity basket Maturity: 07 December 2017 This product is not a collective investment within the meaning of the Swiss Federal Investment Fund Act. It does not require approval from the Swiss Financial Market Supervisory Authority (FINMA) and is not subject to FINMA supervision. Investors are therefore not protected by the Swiss Federal Investment Fund Act. PRODUCT DESCRIPTION Certificate details Sec. No. / ISIN / Symbol Issuer Lead Manager, Paying agent, Calculation agent Underlying asset Certificates per basket Issue size Issue price Reference price 26 180 807 / CH0261808072 / No listing planned Banque Cantonale Vaudoise, Lausanne, Switzerland (S&P AA/stable/A-1+) Banque Cantonale Vaudoise, Lausanne, Switzerland Basket of shares 1 Certificate = 1 “Demographic curve III” equity basket 11 000 Certificates (includes an increase and reopening clause) EUR 100.00 (reference price + issue margin of EUR 2.45) EUR 97.55 Initial fixing 01 December 2014 Payment date 05 December 2014 Final fixing Maturity date From 01 December 2017 to 04 December 2017 (2 days) 07 December 2017 How the Certificate works Definition The Tracker Certificate is a structured product that replicates the performance of an underlying basket of securities simply, inexpensively and with high liquidity. SSPA category Participation Product – Tracker Certificate (1300), according to the Swiss Derivative Map available at www.svsp-verband.ch. Basket composition Composition of the basket as at 02 October 2015 Security SHL TELEMEDI-REG www.bcv.ch/invest 021 212 42 00 ISIN IL0010855885 Bloomberg ticker Currency Weighting Number of shares per basket SHLTN SW Equity CHF 1.09% 0.13473 14.69% 0.51597 AMEDISYS INC US0234361089 AMED US Equity USD ALMOST FAMILY IN US0204091088 AFAM US Equity USD 14.41% 0.47518 CAP SENIOR LIVIN US1404751042 CSU US Equity USD 9.24% 0.52439 ORPEA FR0000184798 ORP FP Equity EUR 12.39% 0.20820 KORIAN-MEDICA FR0010386334 KORI FP Equity EUR 10.80% 0.36611 CARL ZEISS ME-BR DE0005313704 AFX GY Equity EUR 11.46% 0.49079 8.71% 0.12691 DRAEGERWERK-PREF DE0005550636 DRW3 GY Equity EUR WRIGHT MED GROUP US98235T1079 WMGI US Equity USD 7.85% 0.47167 SONOVA HOLDING A CH0012549785 SOON VX Equity CHF 9.35% 0.08983 Management fees Dividends Redemption of Certificate 0.25% per year. The dividends from the underlying securities will be fully reinvested in the Certificate, net of any tax paid or to be paid. If the tax rate is not known when a dividend is announced, BCV reserves the right to defer reinvestment of the dividend net of tax until the accounting date. Each Certificate will be redeemed in EUR. The amount redeemed will be equal to the selling prices of the underyling shares on the reference stock exchange at the end of the final fixing period, converted into EUR if necessary. Closing prices and exchange rates are set by BCV in accordance with the reference exchange for each security. Secondary market, Listing and Clearing Listing, market segment Secondary market Clearing Certification No listing on the SIX Swiss Exchange. No secondary market on the SIX Swiss Exchange. Banque Cantonale Vaudoise ensures a liquid daily secondary market between 9:15am and 5:15pm. Prices may be consulted on Reuters BCVINDEX <BCV DERIVATIVES> and SIX Telekurs 26180807, BCV. SIX SIS SA The security takes the form of a book-entry security registered in the SIX SIS SA clearing system. It is uncertificated and individual securities will not be printed or delivered. Tax Tax disclaimer This tax information provides only a general overview of possible tax consequences related to this product on its issue date. Laws and tax practices can change with retroactive effect. Investors should always consult with their tax advisor for a specific evaluation of their profile before carrying out any transaction. Switzerland For individuals whose tax domicile is in Switzerland and who hold these investments as part of their private assets, any gains resulting from the sale of certificates are considered capital gains. Capital gains do not currently constitute taxable income. Any income from the underlying bond funds that is reinvested in the underlying funds constitutes taxable income for individuals whose tax domicile is in Switzerland. The Certificate is not subject to withholding tax or stamp duty at issue. Secondary-market transactions are not subject to stamp duty. EU taxation of savings Outside the scope of the European Union savings tax directive. “Out of scope” (Telekurs code = 9) Legal information Applicable law and jurisdiction Simplified prospectus Prudential supervision Lausanne, Swiss law. This document is not an issue prospectus within the meaning of Articles 652a or 1156 of the Swiss Code of Obligations. It is a provisional prospectus within the meaning of Article 5.2 of the Swiss Federal Investment Fund Act. Only the listing prospectus, which is available from BCV in French, along with any other documents required by the Regulatory Board, shall prevail. BCV Lausanne, Switzerland, is subject to prudential supervision by FINMA. PROFIT AND LOSS EXPECTATIONS Market forecast This Tracker Certificate is designed to take advantage of a rise in the share prices of companies in the basket. Risk tolerance The risks are comparable to those of a direct investment in the underlying basket of securities: exchange-rate fluctuations, share price movements, holding-period risk, price volatility, etc. The risks inherent in certain investments, particularly derivatives, may not be suitable for all investors. Before conducting any transaction, investors should evaluate their risk profile and seek information on inherent risks, and are urged to read the SwissBanking brochure "Special Risks in Securities Trading" (available at BCV offices or online at: http://www.bcv.ch). 2/4 Potential profit During the product’s lifetime, holders of this Tracker Certificate may make a profit if they sell the certificate for more than its purchase price. The potential return on the certificate at the final fixing is comparable to the return on the underlying basket. Potential loss The investor will incur a loss if the product is sold for less than its purchase price during its lifetime or if it is redeemed for less than the purchase price on the final fixing date. The product is issued in EUR and includes CHF- and USD-denominated securities. A fall in the exchange rates of these currencies against the EUR may cause the price of the Tracker Certificate to drop. SIGNIFICANT RISKS INCURRED BY THE INVESTOR Issuer risk Investors are exposed to the risk of insolvency of the issuer, which could lead to the loss of all or part of the invested capital. The value of the investment does not depend solely on the performance of the underlying asset but also on the solvency of the issuer, which may change during the product’s lifetime. The rating stated in this document for the issuer was valid at the time of issuance and may change during the product’s lifetime. Secondary market/market liquidity In the event that a regulated secondary market exists, the issuer endeavors, under normal market conditions, to provide bid and ask prices for the product on a regular basis. However, the issuer makes no firm commitment to provide liquidity by means of bid and ask prices and is under no legal obligation with respect to the provision or determination of these prices. Under special market conditions, if the issuer is unable to enter into hedging transactions, or if such transactions prove difficult, the spread between bid and ask prices may be temporarily expanded in order to limit the economic risks for the issuer. Market risk Investors are exposed to the risks of adjustments in the underlying asset, non-convertibility, extraordinary market situations and emergencies, such as suspension of listing of the underlying asset, trading restrictions, and any other measures that materially restrict the tradability of the underlying asset. Investors are subject to the legal and contractual obligations of the markets on which the underlying asset is traded and to the legal and contractual obligations provided by or governing the issuer. Such market events could affect the dates and other terms and conditions in this document. Adjustments BCV reserves the right to adjust the composition of the Tracker Certificate in case of special events affecting one or more of the securities in the basket, including but not limited to a merger, acquisition or severe restriction on tradability. In the interests of investors, adjustments will be made in accordance with current market practices. Currency risk Investors whose base currency is not the settlement currency for the product should be aware of exchange-rate risk. Important information General information Past performance does not guarantee present or future performance. This document is for information purposes only; unless otherwise stated, it is not financial analysis within the meaning of the Swiss Bankers Association's "Directives on the Independence of Financial Research," nor is it an offer, invitation or personalized recommendation to buy or sell specific products. Unless otherwise stated, the issuer is under no obligation to acquire the underlying asset(s). Any changes to the initial terms and conditions of the structured product that are unplanned or not contractually agreed upon will be published on the website www.bcv.ch/invest. Subscription period During the subscription period, the terms and conditions are for information purposes only and may be changed; the issuer is under no obligation to issue this product. Conflict of interest BCV and/or one or more of its affiliates (hereinafter: "BCV Group") may, relative to this issuance or product, pay or receive from third parties one-time or recurrent compensation. The contents of this document may have been used for transactions by BCV Group prior to their publication. BCV Group may acquire, hold and/or dispose of interests or positions in the components of this product. Sales restrictions Distribution of this document and/or the sale of this product are subject to restrictions (e.g., USA, US persons, UK, EU, Japan, Japanese persons) and are only authorized in accordance with applicable law. 3/4 Publication date 09 October 2015 Contact information Sales team Phone Structured products sales team / BCV Asset Management & Trading Division +41 (0) 21 212 42 00 Please note that phone calls to this number may be recorded. By calling us, you tacitly agree to this practice. Fax Website/email Mailing address +41 (0) 21 212 16 37 www.bcv.ch/invest / [email protected] BCV / 276 - 1598 / CP 300 / 1001 Lausanne / Switzerland 4/4