Its FTSE 5 Enhanced Quarterly Defensive Plan November 2012 offers the potential for 4% growth per quarter.
Whether or not this growth is achieved depend on the performance of Rio Tinto, AstraZeneca, Sainsburys, Royal Dutch Shell and Aviva.
The key features of the product are that it has a five-year-and-two-week term with any returns predicated on the price of the five stocks being at or above 85% of their opening levels on any measurement date.
The start date is 16 November this year, with the first measurement date being 18 November next year and quarterly from then on.
On maturity, with the conditions above being met, a growth payment of 4% will be made to investors; if the plan runs for its full term it will provide a growth payment of 80% of the initial amount invested as long as the final level of the lowest-performing share is more than 50% of its opening level.
The counterparty is Morgan Stanley.
Graham Devile, Managing Director, commented: "Despite current levels of volatility remaining low, the demand for defensive products persists. This plan has been designed to allow the opportunity for attractive returns even in the event that market volatility increases.
“Those who are wary of the future direction of the markets are provided with a final call barrier of 50%; in the event of moderate correction, investors still have a good chance of achieving an attractive return."
