merrill-lynch-launches-retail-cln-in-singapore

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 for the remaining life of the notes. The interest that investors earn depends on whether they buy the notes in Singapore or US dollars for the first two years, the S$150 million notes pay 5.25%...
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