Structured deposits are a relatively new product in China. The first interest rate-linked structured deposit was launched in July 2003 by the Industrial Commercial Bank of China (ICBC) and employed a range accrual structure, allowing investors to benefit from increased deposit rates if Libor stayed within a certain range.
It was a big hit, says Henry Pang, managing director and head of sales at BNP Paribas in Hong Kong. The five-day subscription period saw ICBC rake in close to 100 million re
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