Merrill Lynch launches retail CLN in Singapore
LinkEarner credit-linked note references the credit worthiness of five banks.
Merrill Lynch is marketing a credit-linked note that will give Singapore retail investors exposure to the credit risk of five banks. The so-called LinkEarner notes are issued under MerrillÆs $8 billion Jubilee programme and reference Lehman Brothers, Macquarie Bank, Morgan Stanley, Overseas-Chinese Banking Corporation and United Overseas Bank.
The notes have a seven-year life but the issuer has an option to call them after two years. If they arenÆt called at that point the coupon steps up by 100bp...
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