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Fixed-term deposit linked to agricultural raw material price indices

Deposit distribution period: 13 December 2016 - 27 January 2017 (inclusive) 

Additional interest will be payable only when the additional interest payment terms are met, when the value of the financial assets (agricultural raw material indexes) to which the additional interest on the fixed-term deposit is linked on the closing date, on 24 January 2020, will be above the required minimum percentage threshold baseline set on 27 January 2017.
Initial Value of agricultural raw material, to which the Term Deposit Additional Interest is linked on 27  January 2017 is:

Financial assets

Initial value

Wheat - S&P GSCI Wheat Index ER (SPGCWHP) 

7,8477

Corn - S&P GSCI Corn Index ER (SPGCCNP)

8,1773

Meat - S&P GSCI Livestock Index ER (SPGCLVP) 

173,6263

Please be reminded, the payment of additional interest will depend on changes in financial assets.

You can find the latest prices for the financial assets to which the term deposit is linked:

Main conditions and terms

Deposit maturity 27 January 2020 Minimum deposit amount 1 000 EUR
Deposit currency EUR   Maximum deposit amount 150 000 EUR
Fixed annual interest

0.5 per cent
(from 1.5 per cent for the entire deposit period)

 Additional annual interest

from 2.4* per cent
(7.5 per cent for the entire deposit period)
Additional interest payment terms and conditions

The additional interest will be paid only in the case if the end value of each of the financial assets to which the deposit is linked, on the specified date is by 7.5 per cent or more above the respective financial asset value on the initial valuation date.

 

Note! If the end value of at least one financial asset on the specified date is lower than or elevated less than by 7.5 per cent compared with the value of financial assets on the initial valuation date, the additional interest will not be paid.
Financial assets

Agricultural raw material price indices:
1. Wheat price index – S&P GSCI Wheat Index ER (SPGCWHP) 2. Corn price index  – S&P GSCI Corn Index ER (SPGCCNP) 3. Livestock price index – S&P GSCI Livestock Index ER (SPGCLVP)
Financial assets initial valuation date  27 January 2017 stock trading closing price
Financial assets final valuation date 24 January 2020 stock trading closing price
Interest payment method At deposit maturity (27 January 2020) 
Deposit insurance  Standard (deposit and fixed interest up to EUR 100 000 are covered by State Company Deposit and Investment Insurance under the conditions provided for in LR law on deposit and liabilities for investor insurance).  More at www.sb.lt 
Deposit termination fee N/a
Additional fees** N/a
Deposit termination prior to its maturity Termination is possible, however, in this case the depositor will receive only the deposit amount and the interest will not be paid.

Deposit is linked to the agricultural raw material price indices. Why?

Food is essential for human existence. With limited Earth resources and population growth demand for agricultural raw materials is growing. Raw materials are the traditional way to hedge against inflation, therefore, rising inflation expectations will have a positive impact on agricultural raw material prices. Wheat, corn and livestock are one of the most important agricultural raw materials,that is why their price indices are linked to this deposit with additional interest.

What determines changes of the agricultural raw material prices?

Agricultural raw material market is more dependent on surrounding markets and external factors than other markets. A significant part of these cultivated crops is used to produce bio-fuel, therefore, prices of energy resources may affect the demand for these crops. Market behaviour is also influenced by the fact that a large part of the crops used for feed and they can be easily replaced by other depending on the economic factors. Therefore, raw material prices are closely interrelated.

What is increasing (will be increasing) the prices? What is decreasing (will be decreasing) the prices?
  • From the long run perspective prices of the main grain crops (wheat, corn) are at the very low level.  This will foster to replace the planted crops with more profitable ones, which, on its turn, will limit the supply of grain crops.
  • Low prices are increasing overall demand for nutritional raw materials.
  • Rising inflation expectations should lead to a rise in raw material prices.
  • The weather, i.e. flood, drought, frost and etc. also make strong influence on the prices. Because of the more vivid global warming effects it is getting more and more difficult to predict the weather impact and any bigger nature surprises may significantly raise the prices of raw materials.
  • Previous successful harvest resulted in large reserve of raw materials.
  • The low oil prices and increasing technological efficiency are reducing the raw material cost.
  • The raw material price indices are calculated in US dollars; therefore strengthening dollar is negatively affecting raw material prices.

Agricultural raw material price indices linked to additional interest

Wheat - one of the world's major grain crops about two-thirds of which are consumed for food.  Changes in wheat (together with corn) prices often influence prices of other nutritional raw materials.

Corn - exceptional nutritional crop a large part of which is used not for food but by industry. Almost 60% of the world's corn is used for feed, more than a quarter - for industrial use (mainly for production of bio-ethanol).

Livestock - one of the major nutritional raw materials. Most livestock is grown and their meat consumed in the United States (about one-fifth of the world's livestock). Consistently growing meat consumption in China is making a significant impact on the market has (livestock consumption here has increased by almost one fifth over 5 years).

Following the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania deposits with Šiaulių Bankas AB are insured in the state company Deposit and Investment Insurance. See more.

 

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