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Principal At Risk Notes (PARs) are a type of structured note that allows investors to increase the return on a financial instrument through leverage, by putting at risk some of the capital. A typical PAR note is a derivative created by an investment banks and sold to investors that provides three times upside, up to a specified cap, while risking one times downside based on some underlying security or index. The PAR note is structured to look like a bond from the investors perspective with a maturity date but with modifications to allow an increase in upside at the cost of additional risk of the principal, hence the name. == Characteristics of PAR Note == * They are typically sold during the initial offering period and so are sold by Prospectus only * Typically maturities range from 14 to 24 months * Interest is typically paid at maturity, but may offer a guaranteed minimum rate of return * Upside leveradge: Typically pay a multiple of the underlying asset * Downside leveradge: Limited or no principal protection * Upside may be capped * Do not provide Principal Protection 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Principal at risk notes」の詳細全文を読む スポンサード リンク
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