Issued by a Leading European Bank in Hong Kong in the month of January 2005.


Jan 18, 2005

Currency USD
Maturity 10 years


Payable quarterly, 30/360, Adjusted.

N = No. of Days when the reference index stays within the range;

Ntotal = Total number of days for each coupon period.

Reference Index = USD 6 months LIBOR


Call Option

The issuing bank can call the notes back every three months after the expiry of one year, i.e after CPN(4) onwards.

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