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Callable Multi Barrier Reverse Convertible on Swiss Cyclicals

The Swiss Market Index (SMI)® had a very strong start to the year and is up around 12.5% year-to-date, broadly in line with most other European equity indices.

Going forward, we expect Swiss equities to perform broadly in line with other developed markets in Europe and the US.

With relatively low and stable interest rates, above trend growth and reasonable valuations, the backdrop remains favorable for global equities. Swiss equities should also do well in this environment.
We continue to prefer cyclical stocks, including Swiss mid and small caps, which should benefit from the positive global economic backdrop.

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