Credit Linked


Commercial names
Credit Linked, Opportunità Corporate, Opportunità Italia


  • Payment of periodic proceeds during the life of the certificate in absence of credit events involving the underlying asset
  • Conditional capital protection

Return profiles


Maturity3 - 5 years
Investment horizonMid/long term
AimTo obtain periodic proceeds linked to the underlying asset’s credit risk


Capital protection at maturity/RiskProtection of the invested capital at maturity in absence of credit events involving the underlying asset

Learn more

Investment certificates are financial products characterized by a number of features. They may simply replicate the underlying asset’s upward movements or downward movements, or they may be structured so as to implement more sophisticated strategies, which may include total or conditional capital protection against bad performances of the underlying asset.

Some certificates’ characteristics may also allow the owners to obtain proceeds during the life of the certificate, under condition that specific events take place. A premium may be paid at maturity under form of additional proceeds in case the underlying asset’s price does not drop under the barrier (this is the case, for example, of bonus certificates).

The return on investment in some typologies of certificates may be determined by both the changes in the underlying asset’s price and the absence of such price movements for a timespan shorter than the life of the contract. These certificates pay a sort of premium for early redemption in case the underlying asset’s price is above a certain level on pre-arranged dates.

Moreover, some certificates feature an additional element, useful in periods of strong fluctuations of exchange rates – a protection against unfavourable changes in currency value. Products offering such protection, called “Quantum”, make it possible to invest in underlying asset’s denominated in a foreign currency avoiding exposure to the risks linked to exchange rates.

Performance drivers

Reactivity of the certificates’ prices to changes in key variables.

VariablesIssueBarrier**Life residual***
upgreen Underlying asset’s pricebarbarbar
upgreen Volatilitybarbarbar
upgreen Time*freccia-su.pngfreccia-su.pngfreccia-su.png
upgreen Interest ratesdown arrowdown arrowdown arrow
upgreen Dividendsbarbarbar
* With "Time" we mean the "passing of time", so the the approaching of natural certificate's expiration date.
** The barrier is not present for this type of certificate
***2 months of life residual, underlying's price near to the strike and dividends payment are not expected