Ulster Bank has launched a second tranche of its Eurozone two-year bond following the success of the first tranche. The bond is linked to the performance of the Euro Stoxx 50 index, which measures the returns of the top 50 companies in the euro zone, including well-known household names such as Siemens in Germany, Philips in the Netherlands, Italy's Fiat and France Telecom.

Meanwhile, Ark Life has introduced Issue Thirteen of its Secure Tracker Bond which tracks the Eurotop 100 index. The investment period of the bond is six-years after which the investor will receive the full amount of money invested plus a return equal to 55 per cent of the rise in the index over the period, subject to a maximum return of 55 per cent.

The minimum investment is £2,000 with a maximum of £250,000 and the offer closes on March 26th.

Investors in the Ulster Bank bond are guaranteed a net return after tax of 18 per cent if the market rises by 9 per cent or more over the two-year period. Any rises up to 9 per cent will earn double the rate of return for investors net of tax.

But if the index should fall over the same period, investors will suffer only half of any decline. The minimum investment in the bond is £5,000 (€6,349) and the closing date for applications is also March 26th, 1999, although this could be earlier if the bond is fully subscribed.