SGAM to hedge Santander’s Supersatisfaction II

SG Asset Management (SGAM) has won a contract to hedge an expected €1 billion of equity-linked deposits issued by Spanish bank Santander Central Hispano (SCH).

The investment management arm of French bank Société Générale confirmed today it will provide a capital guarantee for the deposits – termed Supersatisfaction II – using a technique called constant proportion portfolio insurance (CPPI). The group previously hedged SCH’s first Supersatisfaction offering, which was marketed from January until March this year.

SCH began selling Supersatisfaction II to retail investors yesterday, via its extensive branch network in Spain. The bank sold €3 billion

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