First Active's Guaranteed Equity Bond Series 4 matured at the end of last month, providing a gross return of 82 per cent for investors. An investment of £10,000 would have led to a total gross return of £18,201. This translates into a compound annual rate of 11.5 per cent.

The five-and-a-half year bond, which opened in August 1995, was linked to the S&P 500 and Nikkei 300 stock market indices, and has achieved a near maximum return. The maximum return payable was 85 per cent.