BONUS COLLAR TARGET REDEMPTION FORWARD CONFIRMATION

Similar documents
KNOCK OUT TARGET REDEMPTION FORWARD CONFIRMATION

Index Forward Transaction - UBS Ref:

DRAFT SUBJECT TO TRADING AND STRUCTURING COMMENTS AND US LEGAL REVIEW

Material Characteristics Disclosure

Dear Sirs, Confirmation of a Forward Volatility Agreement

Q&A NJEDA School Construction Bond RFP dated December 6, 2013

The terms of the particular Transaction to which this Confirmation relates are as follows:

VOLATILITY SWAP EMEA SINGLE INDEX. [UBS AG, London Branch] OR [UBS Limited] ( Party A )

MASTER AGREEMENT ADDENDUM FOR NON-DELIVERABLE FORWARDS

EXHIBIT F-2 IDENTIFICATION OF HEDGE FOR TAX-EXEMPT BOND ISSUE

VOLATILITY SWAP AEJ SINGLE INDEX. Re: Index Swap Transaction - UBS Ref: [ ]

ISDA 2012 Disclosure Annex for Foreign Exchange Transactions

CONFIRMATION. CDX.EM.Diversified [specify series, if any] [specify version, if any] Untranched Transaction

ANNEX I. CONFIRMATION OF A 2-WAY CONTRACT FOR DIFFERENCE (CfD) CONTRACT

SWAP TRANSACTION CONFIRMATION

ISDA CONFIRMATION. 2. The terms of the particular Transaction to which this Confirmation relates are as follows:

This sentence should be included only where both the FX Glossary and the Rates Glossary are incorporated.

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

Managing Interest Rate Exposure

Foreign Currency Risk Management

FOREIGN EXCHANGE AND FOREIGN EXCHANGE OPTIONS MASTER AGREEMENT ( FX/FX OPTIONS MASTER AGREEMENT )

Barrier FX Options Product Overview

CONFIRMATION. In this Confinnation, "Party B" means Metro do Porto, S.A. and "Party A" means Banco Santander Totta, SA

MASTER AGREEMENT FOR FOREIGN EXCHANGE AND DERIVATIVE TRANSACTIONS

CONFIRMATION. REFERENCE NUMBER(S): CXNE244571, a Financial Security Assurance Inc. Insured Transaction -Amended III

TRUST INSTRUMENT DATED 21 JUNE Between. DOURO FINANCE B.V. as Issuer. DEUTSCHE TRUSTEE COMPANY LIMITED as Trustee

Master FX. Give-Up. Agreement. Published as of April 6, by the Foreign Exchange Committee

Conversion of Financial Terms of IBRD and IDA Loans and Financing Instruments. Bank Access to Information Policy Designation Public

Article 1 is amended by adding a new Section 1.1(f) as follows: ARTICLE 1 CERTAIN GENERAL DEFINITIONS

TRUST INSTRUMENT DATED 28 DECEMBER Between. DOURO FINANCE B.V. as Issuer. DEUTSCHE TRUSTEE COMPANY LIMITED as Trustee

ISDA. International Swaps and Derivatives Association, Inc. EMU PROTOCOL (GREECE) published on 10th October, 2000

Risk Management and Hedging Strategies. CFO BestPractice Conference September 13, 2011

THE FOREIGN EXCHANGE COMMITTEE. in association with THE BRITISH BANKERS' ASSOCIATION. and THE CANADIAN FOREIGN EXCHANGE COMMITTEE.

Average Rate Option Product Overview

Currency Swap or FX Swapd Difinition and Pricing Guide

SCHEDULE TO THE 2002 ISDA AGREEMENT

Optimizing FX Risk Management Using Options

MT4 Trading Manual. February 2017

CONFIRMATION. Derivatives Documentation Fixed Income Derivatives Confirmation

Financial Markets Lawyers Group. The British Bankers Association EMU PROTOCOL. published on 8 th October, 1998

Addendum to the [International Currency Options Master Agreement][Foreign Exchange and Options Master Agreement] dated [ ] between Party A and Party B

Cash-Maximiser (SGD) Notes issued by Macquarie Bank Limited

THE FOREIGN EXCHANGE COMMITTEE THE BRITISH BANKERS' ASSOCIATION FOREIGN EXCHANGE AND OPTIONS MASTER AGREEMENT

4 YEAR CHF 3.20% CPN CAPITAL PROTECTED NOTE LINKED TO EUR/CHF

Product Disclosure Statement

ISDA Glossary of Selected Provisions from the 2006 ISDA Definitions ~ Vietnamese Translation

CHAPTER 29 DERIVATIVES

Currency Futures or FX Futures Introduction and Pricing Guide

SUMMARY TERMS Morgan Stanley Finance LLC ( MSFL )

FINAL TERMS MERRILL LYNCH INTERNATIONAL & CO. C.V. Issue of 3,350,000 W&C Securities relating to Odontoprev S.A.

PRACTICE QUESTIONS DERIVATIVES MARKET (DEALERS) MODULE

October 2016 METHODOLOGY. Derivative Criteria for European Structured Finance Transactions

HSBC France. Programme for the issue of Structured Notes and Certificates for an aggregate maximum issue amount of 20,000,000,000 (the "Programme")

Bank of America Merrill Lynch FX Order Disclosures

Certificates of Deposit Linked to the J.P. Morgan Alternative Index Multi-Strategy 5 (USD)

Insight Liquidity Funds p.l.c. Supplement dated 5 December 2018 to the Prospectus for ILF EUR Liquidity Plus Fund

Product Disclosure Statement Structured Foreign Exchange Option Products 1 April 2019

Plus500AU Pty Ltd. Product Disclosure Statement

Dodd-Frank Act OTC Derivatives Reform

ABN AMRO Bank N.V. (incorporated in The Netherlands with its statutory seat in Amsterdam)

Order Execution Policy

DESCRIPTION OF THE DEUTSCHE BANK CURRENCY RETURNS + (DBCR+) (USD) INDEX THE DEUTSCHE BANK CURRENCY RETURNS + (DBCR+) (USD-FUNDED) INDEX CONTENTS

Product Factsheet for Foreign Exchange contracts

CITI 80% PROTECTED DYNAMIC ALLOCATION FUND. Dynamic Allocation Rules

EXAMINATION II: Fixed Income Analysis and Valuation. Derivatives Analysis and Valuation. Portfolio Management. Questions.

LEVERAGED INSTRUMENTS

Common to All Derivatives (or in the US Swaps)

Comments on the Basel Committee on Banking Supervision s Consultative Document Fundamental review of the trading book: outstanding issues

DB US Variance Risk Premium Tactical Index INDEX DESCRIPTION

Issue of ZAR7,000,000 FRS152 Under its ZAR30,000,000,000 Note Programme

OCTOBER 2017 METHODOLOGY. Derivative Criteria for European Structured Finance Transactions

This section relates to quarterly and annual submission of information for individual entities.

Issue of ZAR 2,564,523 Currency Linked Notes with Scheduled Termination Date of 19 July Under its ZAR30,000,000,000 Note Programme

Online. Professional. Futures and Derivatives Product Disclosure Statement. JUNE 2012

Interest Rate Risk Management

Directed Contract Subscription Guidelines AIP-SEM

Man AHL Diversified Futures Ltd

TRUST INSTRUMENT DATED 25 MARCH Between. DOURO FINANCE B.V. as Issuer. DEUTSCHE TRUSTEE COMPANY LIMITED as Trustee

DISPUTES OVER INTEREST RATE PRODUCTS

FOREIGN CURRENCY OPTIONS PRODUCT DISCLOSURE STATEMENT 11.17

Multi Asset Indices Selection and Rebalance Dates

$2,000,000 Fixed to Floating Rate Notes

Items shall be reported with positive values unless otherwise stated in the respective instructions.

Natixis Securities Americas LLC

Redemption. Trigger Level: 100% Product Identification. Risk Disclosure

DB ETC PLC (the Issuer )

PRACTICE NOTES TO THE MASTER CONFIRMATION AGREEMENT FOR NON-DELIVERABLE CURRENCY OPTION TRANSACTIONS

Dodd-Frank 2013 What You Need to Know

Appendix B Block Trade and Exchange for Related Position

Lloyds TSB Bank plc 30bn Global Covered Bond Programme Monthly Report April 2012

NOTE PRICING SUPPLEMENT

J.P. MORGAN EMEA FIXED INCOME, CURRENCY, COMMODITIES AND OTC EQUITY DERIVATIVES: EXECUTION POLICY

CDX EMERGING MARKETS DIVERSIFIED UNTRANCHED TRANSACTIONS STANDARD TERMS SUPPLEMENT

Trading Manual. March 2016

Platte River Power Authority Interest Rate Risk Management Policy

Credit Suisse International

1.3 Equity linked products Asian examples

Payment Date: 05 June 2015 Valuation Date: 29 November 2016 Coupon Payment: Coupon: 8.4% p.a. Memory Effect Redemption Date: 05 December 2016

INTEREST RATE STRUCTURED INVESTMENTS

Payment Date: 01 July 2015 Valuation Date: 18 December 2017 Coupon Payment: Coupon: 8% p.a. Memory Effect Redemption Date: 03 January 2018.

Transcription:

To: Attn: Email : Date: Ref : BONUS COLLAR TARGET REDEMPTION FORWARD CONFIRMATION We confirm we have entered into the following Bonus Collar Target Redemption Forward (the "Transaction") with you under the Terms (as defined below). We have traded as principal for this transaction. The terms and conditions of the transaction entered into on the trade date specified below between ("Party A") and ("Party B") are specified below. This communication constitutes a "Confirmation" as referred to in the Agreement specified below. The definitions and provisions contained in the 1998 FX and Currency Option Definitions (the "FX Definitions") (as published by the International Swaps Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee), as amended and supplemented (by any of the publishing bodies) through to the Trade Date, are incorporated into this Confirmation. In the event of any inconsistency between those provisions and this Confirmation, this Confirmation will prevail. This Confirmation supplements, forms a part of, and is subject to the ISDA Master Agreement dated, as amended and supplemented from time to time (the "Agreement") between you and us. All provisions contained or incorporated by reference in the Agreement govern this Confirmation except as expressly modified below. 2. The terms of the transaction to which this Confirmation relates are as follows: Trade Date: Trade Time: Party A Bought Currency: Party B Bought Currency: Available upon request USD EUR EUR Notional Amount 1: EUR 500,000.00 EUR Notional Amount 2: EUR 1,000,000.00 USD Notional Amount 1: USD 661,750.00 USD Notional Amount 2: USD 1,303,500.00 Strike Rate 1: Strike Rate 2: Bonus Forward Rate: Expiration Date: Settlement Date: 1.3235 USD per EUR 1.3035 USD per EUR 0.0150 USD per EUR As per attached Schedule As per attached Schedule

Settlement Basis: Fixing Rate: Deliverable Shall be the USD/EUR Exchange Rate expressed as an amount of USD required to buy one EUR as displayed on Reuters Page ECB37 at or around 14:15 Frankfurt Time on each Expiration Date. If the Page is unavailable for whatever reason, an alternative measure of determining the Fixing Rate will be determined by the Calculation Agent acting in good faith and in a commercially reasonable manner. Your Designated Office: Our Designated Office: Business Days: Euro Settlement Date and New York (for Settlement) ; Euro Settlement Date (for Fixings) Calculation Agent: Party A (All determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner) Premium Payer: Party A Premium Amount: USD 91,000.00 Premium Value Date: 18 June 2014 Premium Payment Instructions: As per Standard Settlement Instructions Party A Account Details: Party B Account Details: As per Standard Settlement Instructions As per Standard Settlement Instructions

Table # Expiration Date Settlement Date 1 30-Jun-14 02-Jul-14 2 14-Jul-14 16-Jul-14 3 28-Jul-14 30-Jul-14 4 11-Aug-14 13-Aug-14 5 25-Aug-14 27-Aug-14 6 08-Sep-14 10-Sep-14 7 22-Sep-14 24-Sep-14 3. Settlement terms: The following terms shall be applicable to each Settlement Date, subject to a Target Redemption Event*: (a) If the Fixing Rate on the relevant Expiration Date is above the Strike Rate 1 and a Target Redemption Event has not occurred on or prior to that Expiration Date, Party B will buy EUR Notional Amount 1 from Party A in exchange for USD Notional Amount 1, calculated using Strike Rate 1, on the relevant Settlement Date. (b) If the Fixing Rate on the relevant Expiration Date is below the Strike Rate 2 and a Target Redemption Event has not occurred on or prior to that Expiration Date, Party B will buy EUR Notional Amount 2 from Party A in exchange for USD Notional Amount 2 calculated using Strike Rate 2, on the relevant Settlement Date. (c) If the Fixing Rate on the relevant Expiration Date is at or below the Strike Rate 1 and at or above the Strike Rate 2 and a Target Redemption Event has not occurred on or prior to that Expiration Date, Party A will buy an amount in USD from Party B in exchange for EUR Notional Amount 1 calculated using the below formula: EUR Notional Amount 1 * (Fixing Rate on that Expiration Date - Bonus Forward Rate). (d) If a Target Redemption Event occurs on the relevant Expiration Date, Party B will buy an adjusted EUR Notional Amount ( Varied Notional ) from Party A in exchange for an amount in USD calculated at Strike Rate 1 in order to maintain the Cumulative Positive Gains to the Target Redemption Amount, on the relevant Settlement Date. *If a Target Redemption Event occurs on any Expiration Date, no Settlement will be due by either Party on subsequent Settlement Dates except for amounts and payments due prior to, or on the Settlement Date immediately following the Target Redemption Event. 4. Target Redemption Event A Target Redemption Event shall be deemed as having occurred if Party B's Cumulative Positive Gains exceeds 0.10 USD per EUR (Target Redemption Amount) 5. Cumulative Positive Gains:

The sum of, in respect of any Expiration Date(s) where the Fixing Rate is above the Strike Rate 1, a rate equal to the following: Fixing Rate on that Expiration Date - Strike Rate 1 6. Varied Notional: Shall be equal to: EUR Notional Amount 1 * [(Target Redemption Amount - Cumulative Positive Gains prior to the Target Redemption Event) / (Fixing Rate on the Expiration Date on which the Target Redemption Event occurs - Strike 1)] 7. Relationship Between Parties. Each Party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. (b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. (c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction 8. Disclosure and/or its Affiliates may, in its discretion, decide to engage in hedging activities with respect to the FX Transaction. Such activities may include buying and selling, on a dynamic basis, the underlying currency in the spot market or entering into derivatives on such currency. The hedging strategy may entail unwinding the hedge when a trigger event occurs under the FX Transaction. and/or its Affiliate may anticipate such event occurring and begin unwinding the hedge before such event occurs, or our hedging strategy may require greater and more frequent dynamic adjustments to the hedge as market prices approach the trigger. Unwinding or adjusting the hedge typically consists of buying or selling a quantity of the underlying currencies, or terminating or entering into derivatives positions with market counterparties. This activity may affect the likelihood of the trigger event occurring or not occurring. In addition, currency or currency derivative transactions that we execute in other capacities (such as trading for proprietary accounts, for accounts under management or to facilitate transactions on behalf of customers) may affect the probability that a trigger event will occur. 9. Documentation: Please confirm that the forgoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us or by sending to us a letter of

facsimile substantially similar to this letter, which letter or facsimile sets forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms. Telephone number for confirmation Queries: Fax Number: Yours faithfully, Duly authorised for and on behalf of Name: Title: Duly authorised for and on behalf of By:... Name: Title: Trade Ref.: