Nervy Korean autocall investors lean on lizards

After volatility surge, buyers give up coupons for better chance of early redemption

Lizard structures offer protection in times of high risk
“We recently traded triple-lizard for the first time” – Nicolas Reille, Natixis
Infopro Digital montage

South Korea’s retail structured products market is booming again, but rather than taking the higher coupons on offer after equity volatility surged in February, wary investors are sacrificing upside for extra layers of protection.

Issuance of so-called ‘lizards’ – touted as safer versions of popular autocallable products – leapt in March to the highest level in 15 months, making up a third of the market, according to data compiled by Societe Generale Corporate & Investment Banking.

“More and

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