symbol:SE91

Call FTSE 100 8,000.00 21/12/2018 SE91

Émetteur default : SGA SOCIETE GENERALE ACCEPTANCE NV

FTSE 100 : 7,332.44 at 19/04/2018 11:03:21

Secondary Market Data

Updated at 19/04/2018 09:59:22

Quantity	Bid	Ask	Quantity
175,000	£ 0.0420	£ 0.0450	175,000

Open	£ 0.0435
Previous close	£ 0.0445

Day high	£ 0.0445
Day low	£ 0.0425

Variable data

Updated at 19/04/2018 09:59:22

Daily Product Performance	-2.25%
Current Underlying Asset Level	7,332.44
Daily Underlying Asset Performance	+0.18%
Delta	13.89%
Gearing	22.64
Implied Volatility	11.25%
Theta / day	£-0.0005

This data is constantly changing, Indicative Information, Source Société Générale.

Risk Level

Risk 5 – Unsuitable

Warrants are unsuitable due to being out of the money (OTM) and/or have a maturity very close, and therefore a very high exposure to the passing of time and changes in volatility. The price of these warrants is usually small and they have a very low Delta which implies a slight sensitivity to movements in the underlying asset. Warrants are not used or should be used only in rare cases by a sophisticated investor with prior experience of Warrants.

Risk Data

Effective Gearing	Yes
Capital at Risk	Yes
Currency Risk	No
Counterparty Risk	Yes

Pricer

Pricer is unavailable for this product

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Legal Documents

Final Terms
Prospectus
KID

See all legal documents

Product literature

Educational materials

Educational guide

Static data

EPIC	SE91
ISIN	CWN8142E2136
Type	Call
Legal Form	Securitised Derivative Option
Underlying Asset	FTSE 100
Strike	8,000.00
Expiry	21 December 18
Parity (product/underlying)	1000/1
Currency	GBP
Under. Currency	GBP
Listing Date	20 February 14
Intended Eligibility	SIPP
Intended Tax treatment	CGT

Performances

Export data

	Day before	1 week	1 month	6 months	From to
Product	-2.25%	--	+45.00%	-74.43%	--
Underlying	+0.18%	+1.05%	+4.09%	-2.46%	--

Indicative information only. This past performance is not a reliable indicator of future performance and is not taking into account potential brokerage fees. It has to be considered as a Gross Performance. These results are not based on and do not refer to simulated past performance, and are based on reasonable assumptions.

Technical comments

Investors' capital is at risk. On 21 December 18, for the Covered Warrant SE91, should the Final value of FTSE 100 be below 8,000.00, the final value of the Call covered warrant would be nil with the result of the entire capital being lost. The liability is limited to the initial investment.
Covered Warrants have a limited life, as denoted by the expiry date of each issue. After 21 December 18, the Covered Warrant SE91 can no longer be traded or exercised.
Delta is the sensitivity of a covered warrant's theoretical value to a change in the price of the underlying security. For example, without taking into account other parameters, 1 unit move in FTSE 100 would result to GBP1.39 for the covered warrant value, i.e delta/parity.
The Effective gearing of SE91 is 22.64 as of 19/04/2018 09:59:22. This represents the ratio between a 1% change in the underlying and the resulting percentage change in the product's price. This means that should FTSE 100 move by 1%, SE91 will approximately move by 22.64 x 1% and all other parameters remain unchanged. A major advantage of covered warrants is the Gearing effect but this can also work against investors. This is why covered warrant investors should be aware that, if the underlying instrument moves in the opposite direction to that anticipated, the losses incurred by the covered warrant will be greater in percentage terms than those incurred by the underlying itself.
Before expiry, investors should note that covered warrants experience time decay (erosion of their value over time, time value) throughout their life. The rate of this decay accelerates as covered warrants near expiry and warrants may expire worthless. This time decay is symbolised by Theta i.e £-0.0005/day for Covered Warrant SE91 as at 19/04/2018 09:59:22.

The above description is indicative only. Please refer to the Final Terms / Prospectus / Term Sheet in the ‘Materials’ section above for a full description of the specific product terms.