The Step Down Autocall 11.5, the second in a new series of structured products launched by the firm, tracks GlaxoSmithKline, Royal Dutch Shell B and Tesco shares. Investors will receive a maximum gross return of 69% at maturity in 2019 even if the three shares fall by up to 40% over the term.
The product has a six year term, but may kick out early paying a return of 11.5% gross in any year of the investment from year one.
Early expiration is dependent on the shares matching or exceeding the kick out level on one of five annual valuation dates, and from year three onwards the kick out levels will fall by 10% annually to increase the chance of an early payout.
Capital is at risk if any of the shares have fallen by more than 40% on the final valuation date, and investors will lose a proportion of their initial investment as if they had invested directly in the worst performing stock at its original level.
Societe Generale launched its first structured product for the UK market in October 2012, which aims to provide an annual coupon of 7%.
