Glancing back, looking forward

Structured Products asked the leading lights at the most productive investment banks what they made of 2007, and what they are preparing for in 2008. Some themes were to be expected, but many of the answers proved once again that there is only a casual consensus on some of the more interesting elements of the market. Richard Jory reports

There were new payoffs in 2007, but not many, reflecting the increasing preference investors have for themes. "Brand new payoffs have been few and far between in 2007 and not particularly inspiring or a hit with clients," says Richard Burns, global head of equity derivative structured products at Citi in London.

Lucia Pelliccioli, head of equity exotics and hybrids product development at JP Morgan says, "While payoff innovation was not prolific in 2007, there were two types of structures that