Bolsas y Mercados Españoles

The Discounts are investment products, with the characteristic of offering a maximum return calculated from the difference between the upper and lower barriers. They can be either bullish, Call Discount, or bearish, Put Discount.

The Call Discounts offer a maximum yield when the level of the underlying asset is equal or higher than the upper barrier on the maturity date, or whenever it has remained above the lower barrier during the entire life of the product. If it breaches the lower level the product will remain active in the market but it will no longer deliver the maximum yield unless the first previously described circumstance occurs. If at maturity the underlying asset is below the lower barrier, the Discount would be worth 0.

The Put Discount has a similar behaviour but in reverse.



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