Below are the Structured Note issues that are currently available via Ethical Offshore Investments.
Structured Notes
While Structured Notes are not our core investments (we prefer to use daily traded managed funds, ETF’s & direct shares), we understand and acknowledge that there is a demand for such products, especially in the Offshore market.
These products can provide additional diversification and risk management for portfolios.
We will only have arrangements with providers that are regulated and adhere to our strict ethical business management standards.
** All clients of Ethical Offshore Investments will receive a minimum 1% Commission Rebate credit on investments made into the Structured Notes listed below **
100% Capital Protected Autocall
7.50%pa (USD) / 7.50%pa (GBP)
This growth Note has the opportunity for an early maturity from 36 months if all of the underlying indices are at or above their initial levels. If this Note autocalls, clients will receive their invested capital back, plus a snowballing coupon for each semi-annual period that has elapsed.
Issuer: Morgan Stanley B.V. (Moody’s Aa3 / S&P A+ / Fitch AA-)
Guarantor: Morgan Stanley
USD: 7.50%pa (3.75% snowball coupon accruing Semi-annually) gross
GBP: 7.50%pa (3.75% snowball coupon accruing Semi-annually) gross
Underlying Indices: UK: FTSE 100 / Italy: FTSE MIB / Japan: Nikkei 225
Term: 6 years (max)
Autocall Observation: Semi-annually from end of year 3
Autocall Trigger: 100% of initial levels
Capital Protection: Minimum of 100% of capital returned at maturity **
** unless a Credit Event occurs with the issuer
Closing date: 26 August 2025
This Note is now closed to new investments. A new version of this Note will be issued soon.
70 – 60 Memory Income Autocall
7.00%pa (USD) / 6.95%pa (GBP)
This income based note features a semi-annual coupon which is payable when all of the underlying indices are at or above 70% of their initials at any observation date. The memory feature means that whenever an income payment is made, it will include any payments that have previously been missed.
The note has the opportunity for an early maturity from 12 months if all of the underlying indices are at or above 100% of their initial levels.
Issuer: Barclays Bank plc (Moody’s A1 / S&P A+ / Fitch A+)
Conditional Coupons:
USD: 7.00%pa (3.500% paid semi-annually) gross
GBP: 6.95%pa (3.475% paid semi-annually) gross
Underlying indices: Italy: FTSE MIB Index / Sweden: OMX 30 / Japan: Nikkei 225 / US: Russell 2000
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annually from end of year 1
Income Trigger: 70% of initial level
Income Observation: semi-annually
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 27 August 2025
This Note is now closed to new investments. A new version of this Note will be issued soon.
100% Capital Protected
S&P 500 Index (130% participation rate)
This capital protected growth participation Note gives investors peace of mind that their invested capital will be protected, even in falling market conditions. This Note takes the quarterly averaged performance of the S&P 500 Index, throughout out the full six-year term, to determine performance.
At the final observation date, should the averaged performance of the underlying index be positive, investors will receive an enhanced participation in the positive performance of 128%. For example, if the averaged performance is +40% at maturity, investors will receive a coupon of 52.00%, in addition to their invested capital.
Issuer: Santander International Products Plc (A2)
Guarantor: Banco Santander S.A. (A2 / A / A+)
Underlying Index: US: S&P 500 Index
Term: 6 years
Participation Rate: 130% of the quarterly averaged performance
Capital Protection: Minimum of 100% of capital returned at maturity **
** unless a Credit Event occurs with the issuer
Closing date: 5 September 2025
95% Capital Protected Autocall Note 11
8.10%pa (USD) / 7.80%pa (GBP)
This growth Note has the opportunity for an early maturity from 36 months if all of the underlying indices are at or above their initial levels. The Note has the potential for a coupon payment of up to 8.10% for each year held, if the underlying indices are at or above their initial levels on any of the semi-annual observation dates from then end of year 3 onwards.
With the Capital Protection feature, a minimum of 95% of the invested capital would be returned to the investor.
Issuer: Goldman Sachs Bank Europe (Moody A1 / S&P A+ / Fitch A+)
USD: 8.10%pa (4.050% snowball coupon accruing Semi-annually) gross
GBP: 7.80%pa (3.90% snowball coupon accruing Semi-annually) gross
Underlying Indices: Switzerland: SMI / Europe: Euro Stoxx 50 / Japan: Nikkei 225
Term: 6 years (max)
Autocall Observation: Semi-annually from end of year 3
Autocall Trigger: 100% of initial levels
Capital Protection: Minimum of 95% of capital returned at maturity **
** unless a Credit Event occurs with the issuer
Closing date: 5 September 2025
Prime Income Note 9
8.00%pa USD / 7.45%pa GBP
This Note offers a potential coupon of up to 8.00%pa, if all of the indices are at or above 85% of their initial strike levels on any semi-annual observation date. The Note has a memory feature which means that when a coupon payment is made, it will also include any previously missed coupon payments.
The Note also has the potential to mature early if all of the indices are at or above their initial strike levels on the semi-annual observation dates, from year 1 onwards. If the Note Autocalls, investors get 100% of their invested capital back plus the coupon payment.
Issuer: Barclays Bank plc (Moody A1 / S&P A+ / Fitch A+)
Conditional Coupon: USD 8.00%pa (4.000% paid semi-annually)
Conditional Coupon: GBP 7.45%pa (3.725% paid semi-annually)
Underlying indices: Nasdaq 100 index / Nikkei 225 index / Euro STOXX 50 index
Coupon Trigger Barrier: 85% of initial strike levels
Coupon Observation: Semi-annual
Investment Term: 6 years (max)
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annual from end of year 1
Capital Protection Barrier: 65% Final Level (European Style) Barrier
Trades by: 5 September 2025
US Tech Early Low Hurdle Autocall
25.00%pa
This growth based Note has the opportunity for an early maturity from 6 months. The underlying basket of stocks are observed daily between the strike date and the end of month 12. If the underlying stocks have not fallen by more than 40% at any point, then the autocall barrier will change to 60% and the Note will mature early (Glider Barrier).
If the Glider Barrier is breached, then the Glider feature will not come into effect and the autocall barrier will remain at 90% throughout. If on any quarterly observation date from month 12 all of the underlying stocks are at or above the Autocall Trigger, the investment will autocall.
Guarantor: Societte Generale (Moody A1 / S&P A / Fitch A)
Coupon:
USD: 25.00%pa (6.250% snowball coupon accumulating quarterly) gross
Underlying Stocks: Oracle Corp / Intel Corp / Tesla Inc / Nvidia Corp
Autocall Trigger: 90% of initial level with a 60% Glider barrier at month 12
Autocall Observation: Quarterly from end of quarter 2
Investment Term: 4 years (max)
Capital Protection Barrier: 50% Final Level (European Style) Barrier
Trades by: 8 September 2025
Classic Autocall Note #29
10.70%pa (USD) / 9.90%pa (GBP)
This Note offers a potential coupon of up to 10.70%pa for each year held, if the underlying assets are above their initial strike levels on any semi-annual observation date, from the end of year one onwards.
Issuer: BBVA Global Markets B.V. (Moody A3 / S&P A)
Guarantor: Banco Bilbao Vizcaya Argentaria S.A.
USD: 10.70%pa (5.350% snowball coupon accruing semi-annual) gross
GBP: 9.90%pa (4.950% snowball coupon accruing semi-annual) gross
Underlying indices: Euro Stoxx 50 index, Nikkei 225 index, S&P 500 index
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annual from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 65% Final Level (European Style) Barrier
Trades by: 12 September 2025
Semi-Annual Classic Autocall
12.70%pa (USD) / 11.80%pa (GBP)
This Note has the opportunity for an early maturity from 12 months (& then observed on a 6 monthly basis), if all of the underlying indices are at or above their initial levels. If the Note autocalls, clients will receive their invested capital back, plus a snowballing coupon for each semi-annual period that has elapsed.
Issuer: BBVA Global Markets B.V. (Moody A3 / S&P A)
Guarantor: Banco Bilbao Vizcaya Argentaria S.A.
USD: 12.70%pa (6.350% snowball coupon accruing Semi-annually) gross
GBP: 11.80%pa (5.900% snowball coupon accruing Semi-annually) gross
Underlying indices: Switzerland: SMI / Europe: Euro Stoxx 50 index / Japan: Nikkei 225 index / US: Russell 2000 index
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annual from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 17 September 2025
60 – 60 Memory Income Autocall
7.00%pa (USD)
This income based Note features a quarterly coupon which is payable when all of the underlying indices are at or above 60% of their initials at any observation date. The memory feature means that whenever an income payment is made, it will include any payments that have previously been missed.
The Note has the opportunity for an early maturity from 12 months (& then observed on a quarterly basis) if all of the underlying indices are at or above 100% of their initial levels. If the Note autocalls, investors will receive their invested capital back plus the income coupon due.
Issuer: Natixis Structured Issuance S.A. (Moody’s A1 / S&P A+ / Fitch A+)
Conditional Coupons:
USD: 7.00%pa (1.750% paid semi-annually) gross
Underlying indices: Europe: Stoxx 50 Index / Switzerland: SMI / Japan: Nikkei 225 / US: Russell 2000
Income Observation: quarterly
Income Trigger: 60% of initial level
Autocall Trigger: 100% of initial level
Autocall Observation: Quarterly from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 18 September 2025
80 – 60 Memory Income Autocall
8.00%pa (USD)
This income based note features a semi-annual coupon which is payable when all of the underlying indices are at or above 80% of their initials at any observation date. The memory feature means that whenever an income payment is made, it will include any payments that have previously been missed.
The Note has the opportunity for an early maturity from 12 months (& then observed semi-annually) if all of the underlying indices are at or above their initial levels. If the Note Autocalls, clients will receive their invested capital, plus coupon that is applicable for that period (plus any previously missed coupons).
Issuer: BBVA Global Markets B.V. (Moody A3 / S&P A)
Guarantor: Banco Bilbao Vizcaya Argentaria S.A.
Conditional Coupons:
USD: 8.00%pa (4.000% paid semi-annually) gross
Underlying indices: Italy: FTSE MIB Index / Sweden: OMX 30 / Japan: Nikkei 225 / US: Russell 2000
Income Trigger: 80% of initial level
Income Observation: Semi-annually
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annually from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 19 September 2025
Triple Index Classic Autocall
Euro 11.25%pa
This growth style Note has the opportunity for an early maturity from 12 months (& then observed on a 6 monthly basis). If on the observations dates, all of the underlying indices are at or above their initial levels, the Note autocalls. Clients will receive their invested capital back, plus a snowballing coupon for each semi-annual period that has elapsed.
Issuer: UBS A.G. (Moody’s Aa2 / S&P A+ / Fitch A+)
Euro: 11.25%pa (5.625% snowball coupon accruing Semi-annually) gross
Underlying indices: Italy: FTSE MIB / US: S&P 500 / Hong Kong: HSI)
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annual from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 19 September 2025
85 – 60 Memory Income Autocall
Euro 7.20%pa
This income based note features a semi-annual coupon which is payable when all of the underlying indices are at or above 85% of their initials at any observation date. The memory feature means that whenever an income payment is made, it will include any payments that have previously been missed.
The Note has the opportunity for an early maturity from 12 months (& then observed semi-annually) if all of the underlying indices are at or above their initial levels. If the Note Autocalls, clients will receive their invested capital, plus coupon that is applicable for that period (plus any previously missed coupons).
Issuer: BBVA Global Markets B.V. (Moody A3 / S&P A)
Guarantor: Banco Bilbao Vizcaya Argentaria S.A.
Conditional Coupons:
Euro: 7.20%pa (3.600% paid semi-annually) gross
Underlying indices: Italy: FTSE MIB Index / Switzerland: SMI / Hong Kong: HSI / US: S&P 500
Income Trigger: 85% of initial level
Income Observation: Semi-annually
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annually from end of year 1
Investment Term: 6 years (max)
Capital Protection Barrier: 60% Final Level (European Style) Barrier
Trades by: 19 September 2025
Prime Income Note 10
7.00%pa USD / 7.10%pa GBP
This conditional Income Note offers a potential coupon of up to 7.10%pa, if all of the indices are at or above 85% of their initial strike levels on any semi-annual observation date. The Note has a memory feature which means that when a coupon payment is made, it will also include any previously missed coupon payments.
The Note also has the potential to mature early if all of the indices are at or above their initial strike levels on the semi-annual observation dates, from year 1 onwards. If the Note Autocalls, investors get 100% of their invested capital back plus the coupon payment that is due (including any previously missed coupons).
Issuer: Barclays Bank plc (Moody A1 / S&P A+ / Fitch A+)
Conditional Coupon: USD 7.00%pa (3.500% paid semi-annually)
Conditional Coupon: GBP 7.10%pa (3.550% paid semi-annually)
Underlying indices: Nasdaq 100 index / Nikkei 225 index / Euro STOXX 50 index
Coupon Trigger Barrier: 85% of initial strike levels
Coupon Observation: Semi-annual
Investment Term: 6 years (max)
Autocall Trigger: 100% of initial level
Autocall Observation: Semi-annual from end of year 1
Capital Protection Barrier: 65% Final Level (European Style) Barrier
Trades by: 3 October 2025
** the commission rebate applies to all Structured Notes invested via Ethical Offshore Investments.
With our partnerships with various Structured Note providers, it is possible to create a bespoke Structured Note inline with an individuals personal investment return & risk tolerance requirements.
What are Structured Notes?
Structured products / notes are generally a type of fixed-term investment where the amount you earn depends on the performance of a specific market (such as the FTSE 100) or specific assets (such as shares in individual companies).
There are two main types of structured product:
- structured deposit
- structured investment
Some structured investments offer a degree of capital protection, while others do not. The income or growth is usually not guaranteed and you may get no return on your investment. Even where there is capital protection, the deduction of fees and charges could mean you could get less than you put in.
Structured deposits and structured investment products with some capital protection are often purchased by customers looking for alternatives to savings accounts and other deposit-based products.
However, these products often have complicated features that can make it difficult to understand the return you are likely get, including the risk of getting no return on your investment.
It is important that you take the time to understand and assess the product you’re thinking of buying before investing.
Complex products do not necessarily offer better returns than simpler ones, such as fixed-term deposits.
Courtesy of https://www.fca.org.uk/consumers/structured-products