Tracker bonds have lost some of their gloss since international stock markets began sliding last spring and nose-dived in recent months. But there is still some choice on the Irish market from AIB Bank, Irish Permanent and most recently, First Active Bank.

The AIB tracker, the 10th issue of its Secure Tracker Series is a five-year bond with a 100 per cent capital guarantee but just 40 per cent participation in the European, British and Japanese indices. It closes on December 10th and requires a minimum £2,000 investment.

The Irish Permanent Balanced Equity Bond offers two investment terms - a three-year and nine-month or 5 1/2-year option which also guarantees a 100 per cent return of capital. The participation level is better at 65 per cent of the growth of the indices, but these include the Australian and Japanese stock markets as well as the more promising Swiss SMI and French CAC indices. You will need a minimum £3,000 to buy into this one. The closing date is November 20th.

Finally, First Active has just brought out its Series 3 tracker which guarantees full return of capital and three investment options: a four-year term in which you will only get 40 per cent of the growth of the indices; a five-year term with a 50 per cent growth participation and a six-year term with a 55 per cent participation level. The markets concerned are promising, according to National Deposit Brokers, which provides up-to-date assessments of trackers, with a mixture of British, Swiss and Dutch.

This bond closes on December 8th and you will need a minimum £3,000 to invest. Advisers are concerned about the relatively low participation levels that the latest batch of trackers are offering and the inclusion of indices like Australia and Japan where there is little sign of any improvement.

The full capital guarantees will continue to appeal to many, but investors need to keep in mind that the high returns from trackers that were taken out in the early 1990s will not be repeated by the current generation of products.