Swiss autocalls ‘10% away from disaster’ as Roche shares slide

Popular ‘worst-of’ products flirt with downside barriers, but issuers see no cause for hedge alarm

Roche signage

An 18-month slide in the shares of pharma giant Roche has pushed a popular structured product that dominates the Swiss retail market to the brink of losses – though dealers insist there is no danger of a damaging hedging scramble in the near term.

Autocallable bonds and reverse convertibles linked to the worst performer out of Nestlé, Novartis and Roche, three of Switzerland’s largest publicly traded companies, have long been a bestseller in the country, delivering reliable above-market returns

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