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Derivatives

Boutique Offers Dollar Structured Product

Product Innovations, a U.K. investment products boutique, has structured an income and growth offering with Abbey Financial Markets.

Product Innovations, a U.K. investment products boutique, has structured an income and growth offering with Abbey Financial Markets. Product Innovations is a new group, which launched its first investment product at the start of this year. In the latest deal, the group chose to issue in U.S. dollars to attract offshore high-net-worth investors, said Scott Levy, head of operations in London.

Investors receive 100% capital protection, backed by Abbey, and an income of U.S. dollar three-month LIBOR plus 0.6%. They will also receive capital growth from an asset-class basket, consisting of 85% participation in the upside of the FTSE 100, NYMEX crude oil futures and the USD/GBP exchange rate.

Levy said Product Innovations chose Abbey because of the quality of its collateralized guarantee and because of its competitive pricing. The group hopes to raise USD20 million for the product, which closes at the end of September.

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