Pressure grows on structured product issuers as losses mount

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French banks have spent years devising clever ways to hedge the exotic risks stemming from ever-popular retail structured products known as autocallables. In the first quarter of 2020, those efforts amounted to little as a slew of cancelled dividends left the three largest structured products houses nursing combined losses of more than €500 million ($540 million).

Today (May 6), Natixis disclosed €130 million of dividend-related markdowns in its structured products book, pushing the equity

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