Pressure grows on structured product issuers as losses mount

Dividend-related losses at BNP Paribas may be higher than previously reported

La Defense - Paris - Getty

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here