NBD announced today the launch of the 'Best of Both Worlds,' the latest in a range of new investment products designed specifically for qualified investors.
The 'Best of Both Worlds' offers investors 100% principal protection and the opportunity to earn a higher rate of return rather than traditional fixed deposits. "Based on customer feedback, we have developed a product that has a maturity of only 4 years but gives customers potentially high returns while guaranteeing their capital," stated Suvo Sarkar, Head of Retail Banking, NBD.
The product allows investors to earn a fixed annual coupon payment of up to 5.25% per annum for the first two years. For the next two years, investors can potentially enjoy the benefit of rising interest rates by receiving coupon rates equal to the 3 month USD Libor rate plus 1.25%. All coupons are linked to the six month USD Libor remaining within the specified range for each year ? any interest accumulated will be paid quarterly.
The 'Best of Both Worlds' product will be open to all customers for subscription until December 6, 2004 at all NBD branches ? no additional fees for signing up are necessary. To invest, a minimum investment of USD 10,000 with further purchases of USD 1,000 thereafter are required.
The 'Best of Both Worlds' offers investors 100% principal protection and the opportunity to earn a higher rate of return rather than traditional fixed deposits. "Based on customer feedback, we have developed a product that has a maturity of only 4 years but gives customers potentially high returns while guaranteeing their capital," stated Suvo Sarkar, Head of Retail Banking, NBD.
The product allows investors to earn a fixed annual coupon payment of up to 5.25% per annum for the first two years. For the next two years, investors can potentially enjoy the benefit of rising interest rates by receiving coupon rates equal to the 3 month USD Libor rate plus 1.25%. All coupons are linked to the six month USD Libor remaining within the specified range for each year ? any interest accumulated will be paid quarterly.
The 'Best of Both Worlds' product will be open to all customers for subscription until December 6, 2004 at all NBD branches ? no additional fees for signing up are necessary. To invest, a minimum investment of USD 10,000 with further purchases of USD 1,000 thereafter are required.
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