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Non-Constant Certificate

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Non-Constant Certificates are a type of Certificate where the Amount Protected and/or Cap Rate/Floor Rate varies over its life. The Cap Rate or Floor Rate can increase or decrease and/or the Amount Protected can increase or decrease over the life of the certificate.

All else being equal, decreasing the Amount Protected or increasing the Cap Rate/decreasing the Floor Rate will result in a reduced Issue Price because of the reduced level of protection.

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0208 004 5847

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