As of today, 36 new Cash Collect Certificates with Memory Effect issued by Borsa Italiana are listed directly on the SeDeX market Intesa Sanpaolo. They provide the possibility of obtaining quarterly bonuses (from 1.18% to 3.12%) conditioned by the performance of the underlying share in the event of increases, stability or decreases within the Barrier Level (from 50% to 65%), also accompanied by a fixed premium.
Their peculiarity is to predict theMemory effectwhereby any conditional premium not paid on previous payment dates will be paid on the next valuation date if the payment conditions are met.
How new products work
The new Intesa Sanpaolo Cash Collect Certificates with Memory Effect are Conditionally Capital Protected Investment Certificates with the following characteristics: issue price equal to 100 euro, duration of 24 months and barrier observed only at maturity; provide for the payment of a fixed premium regardless of the performance of the underlying share and of 7 conditional quarterly premiums if the underlying share, on the relevant valuation dates, has a value greater than or equal to the Barrier Level.
Thanks to the Memory Effect, any prizes not paid on previous payment dates will be paid on the next valuation date if the payment conditions are met. Certificates with underlyings denominated in a currency other than the euro have the“How much” option which makes the investor immune from exchange rate fluctuations between the Euro and the currency of the underlying.
An example, the Certificate on Unicredit
As an example, let’s see in detail the functioning of the Cash Collect Certificate with Memory Effect on Unicredit (ISIN IT0005544579). The product will pay a fixed premium of €1.86 on 7 August 2023. Payment of this premium will take place regardless of the performance of the underlying stock. Should the value of Unicredit be below the barrier level of 9.144 (placed at 50% of the initial level of Unicredit), the certificate will in any case pay the amount of 1.86 euros: in order for the prize to be recognised, the instrument must be purchased within 3 working days before the payment date.
Furthermore, in the subsequent quarters until expiry, the certificate will pay a premium conditional on the performance of the underlying on the quarterly observation dates. If on the valuation day the share price should be equal to or higher than the Barrier Level, set at 50% of the Initial Strike, the investor will receive the quarterly premium and any previously unpaid premiums (Memory Effect). Conversely, if the value of the share should be lower than the Barrier Level, the certificate will not pay any amount.
Expiring (May 5, 2025) the investor will receive the issue price of the certificate of 100 euros increased by the last conditional premium of 1.86 euros and any previously unpaid premiums if the value of the share with the worst performance on the date of final assessment (April 30, 2025) should be equal to or higher than the Barrier Level. Otherwise, the certificate will repay an amount commensurate with the negative performance of the underlying share.
The list of 36 new Certificates
| ISIN | UNDERLYING | STRIKE LEVEL | BARRIER (%) |
BARRIER LEVEL | ISSUE PRICE | PREMIUM AMOUNT | PREMIUM FREQUENCY | MATURITY |
| IT0005544074 | Enel S.p.A. | 6,0990 | 65,00% | 3,9644 | EUR 100 | EUR 1,60 | Quarterly | 05/05/2025 |
| IT0005544454 | Enel S.p.A. | 6,0990 | 50,00% | 3,0495 | EUR 100 | EUR 1,18 | Quarterly | 05/05/2025 |
| IT0005544462 | Deutsche Bank AG | 9,5650 | 65,00% | 6,2173 | EUR 100 | EUR 2,95 | Quarterly | 05/05/2025 |
| IT0005544470 | Deutsche Bank AG | 9,5650 | 50,00% | 4,7825 | EUR 100 | EUR 2,22 | Quarterly | 05/05/2025 |
| IT0005544488 | Renault SA | 32,3600 | 65,00% | 21,0340 | EUR 100 | EUR 2,91 | Quarterly | 05/05/2025 |
| IT0005544496 | Renault SA | 32,3600 | 50,00% | 16,1800 | EUR 100 | EUR 1,92 | Quarterly | 05/05/2025 |
| IT0005544504 | Banco BPM S.p.A. | 3,6660 | 65,00% | 2,3829 | EUR 100 | EUR 2,54 | Quarterly | 05/05/2025 |
| IT0005544512 | Banco BPM S.p.A. | 3,6660 | 50,00% | 1,8330 | EUR 100 | EUR 1,82 | Quarterly | 05/05/2025 |
| IT0005544520 | German Lufthansa AG | 9,5250 | 65,00% | 6,1913 | EUR 100 | EUR 2,50 | Quarterly | 05/05/2025 |
| IT0005544538 | German Lufthansa AG | 9,5250 | 50,00% | 4,7625 | EUR 100 | EUR 1,87 | Quarterly | 05/05/2025 |
| IT0005544546 | Pirelli & C. S.p.A. | 4,7480 | 65,00% | 3,0862 | EUR 100 | EUR 2,39 | Quarterly | 05/05/2025 |
| IT0005544553 | Pirelli & C. S.p.A. | 4,7480 | 50,00% | 2,3740 | EUR 100 | EUR 1,71 | Quarterly | 05/05/2025 |
| IT0005544561 | UniCredit S.p.A. | 18,2880 | 65,00% | 11,8872 | EUR 100 | EUR 2,53 | Quarterly | 05/05/2025 |
| IT0005544579 | UniCredit S.p.A. | 18,2880 | 50,00% | 9,1440 | EUR 100 | EUR 1,86 | Quarterly | 05/05/2025 |
| IT0005544587 | BPER Bank SpA | 2,5480 | 65,00% | 1,6562 | EUR 100 | EUR 2,49 | Quarterly | 05/05/2025 |
| IT0005544595 | BPER Bank SpA | 2,5480 | 50,00% | 1,2740 | EUR 100 | EUR 1,75 | Quarterly | 05/05/2025 |
| IT0005544603 | Societe Generale SA | 21,4350 | 65,00% | 13,9328 | EUR 100 | EUR 2,73 | Quarterly | 05/05/2025 |
| IT0005544611 | Societe Generale SA | 21,4350 | 50,00% | 10,7175 | EUR 100 | EUR 2,03 | Quarterly | 05/05/2025 |
| IT0005544629 | Volkswagen AG | 124,2200 | 50,00% | 62,1100 | EUR 100 | EUR 1,64 | Quarterly | 05/05/2025 |
| IT0005544637 | Siemens AG | 149,4800 | 60,00% | 89,6880 | EUR 100 | EUR 1,73 | Quarterly | 05/05/2025 |
| IT0005544645 | Repsol S.A. | 12,5250 | 60,00% | 7,5150 | EUR 100 | EUR 1,80 | Quarterly | 05/05/2025 |
| IT0005544652 | BNP Paribas SA | 56,2900 | 65,00% | 36,5885 | EUR 100 | EUR 2,24 | Quarterly | 05/05/2025 |
| IT0005544660 | BNP Paribas SA | 56,2900 | 50,00% | 28,1450 | EUR 100 | EUR 1,61 | Quarterly | 05/05/2025 |
| IT0005544678 | Eni SpA | 13,0380 | 65,00% | 8,4747 | EUR 100 | EUR 2,06 | Quarterly | 05/05/2025 |
| IT0005544686 | Eni SpA | 13,0380 | 50,00% | 6,5190 | EUR 100 | EUR 1,53 | Quarterly | 05/05/2025 |
| IT0005544694 | AXA SA | 28,7950 | 60,00% | 17,2770 | EUR 100 | EUR 1,69 | Quarterly | 05/05/2025 |
| IT0005544702 | Assicurazioni Generali SpA | 18,6550 | 65,00% | 12,1258 | EUR 100 | EUR 1,63 | Quarterly | 05/05/2025 |
| IT0005544710 | Assicurazioni Generali SpA | 18,6550 | 50,00% | 9,3275 | EUR 100 | EUR 1,21 | Quarterly | 05/05/2025 |
| IT0005544728 | Ford Motor Company | 11,7900 | 65,00% | 7,6635 | EUR 100 | EUR 3,12 | Quarterly | 05/05/2025 |
| IT0005544736 | Ford Motor Company | 11,7900 | 50,00% | 5,8950 | EUR 100 | EUR 2,35 | Quarterly | 05/05/2025 |
| IT0005544744 | General Motors Company | 32,4800 | 65,00% | 21,1120 | EUR 100 | EUR 2,52 | Quarterly | 05/05/2025 |
| IT0005544751 | General Motors Company | 32,4800 | 50,00% | 16,2400 | EUR 100 | EUR 1,94 | Quarterly | 05/05/2025 |
| IT0005544769 | Amazon.com INC. | 103,6500 | 60,00% | 62,1900 | EUR 100 | EUR 1,83 | Quarterly | 05/05/2025 |
| IT0005544777 | Ebay INC. | 44,7700 | 60,00% | 26,8620 | EUR 100 | EUR 1,69 | Quarterly | 05/05/2025 |
| IT0005544785 | The Walt Disney Company | 100,8600 | 60,00% | 60,5160 | EUR 100 | EUR 1,65 | Quarterly | 05/05/2025 |
| IT0005544793 | Apple INC. | 167,4500 | 60,00% | 100,4700 | EUR 100 | EUR 1,60 | Quarterly | 05/05/2025 |
The complete list of Intesa Sanpaolo certificates is available at: https://www.intesasanpaolo.prodottiequotazioni.com/