Structured products house of the year: Goldman Sachs

Patrick de Nonneville

Assuming no change at the Federal Reserve’s month-end rate-setting meeting, February will be the fiftieth straight month in which the central bank has held its target rate at 0%. That’s a continuing headache for investors, which has been intensified by the shrinking ambitions of structured product issuers.

Capital, liquidity and risk management concerns are behind much of this, but in the case of callable bonds, the problem is an accounting rule change that requires the issuer to mark the debt t