All power to PRDC notes

Rock-bottom yields over the past decade have prompted Japanese investors to turn to power-reverse dual currency notes for enhanced returns. Jason Sippel and Shoichi Ohkoshi of JP Morgan examine the ongoing popularity of these products

For the past few years, the power-reverse dual currency (PRDC) note has been by far the most widely traded and liquid structured investment product in the Japanese market. Current annual volumes are estimated at between ¥1.5 trillion and ¥2 trillion ($12 billion–$16 billion), with no sign of diminished growth even as investor appetite for risk declines in many other markets. This article looks at the origins of the PRDC note, why it has been so successful, and what the basic

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