Blue Sky launches second tranche of 10% income product
Blue Sky Asset Management (BSAM) has launched the Protected Income Plan II (Pip II), the second tranche of its Protected Income Plan. The six-year plan offers an income of 10% per year, with 100% contingent capital protection at maturity. Investors can also choose a quarterly income of 2.45%, or a roll-up of 68%. The plan is based on a portfolio of five banks in the UK, comprising HSBC Holdings, Royal Bank of Scotland Group, Barclays Group, HBOS and Lloyds TSB.
“Pip I and II have been a direct response to the sell-off and volatility in the financial sector, caused by the subprime debacle and the market reaction over recent months,” says Chris Taylor, chief executive at BSAM.
“Analysts have said that this sell-off has created a once-in-a-generation buying opportunity. We have used that opportunity to give investors the chance to lock in high income with a very high degree of capital protection.”
The plan has a 65% Downside Portfolio Barrier level which
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