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CITIBANK EQUITY LINKED CD
In the attached newspaper page advertising Citibank's "Stock Index Insured Account", the bank promises "Stock Market Returns. Zero Risk to Principal." In describing how it works, the advertisement explains that:
To make things simpler, assume that the bank simply offers to give the difference between the S&P 500 value at the end of five years and the initial index value if the S&P 500 appreciates (i.e. no averaging or doubling). If the S&P 500 depreciates, the investor gets back the initial principal.
A. Draw a picture representing the payoffs to the investor.
B. What is the cost to the investor for buying this product? For example, consider what the investor loses in comparison to a regular CD? Similarly, what does the investor lose in comparison to an investment in the S&P 500 Index Fund?
C. What is the risk exposure to the bank from offering this product? How might the bank hedge this risk exposure?
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