Tressis launches first fund of hedge funds-linked certificate in Spain

Tressis has become the first distributor to launch a funds of hedge funds-linked certificate for the Spanish market. Sonsoles Santa Maria, director of product development for Tressis, announced the news at the at Structured Products Espana conference in Madrid earlier today.

The certificate, Andante, is issued by BNP Paribas and is listed in Luxembourg stock exchange. It comes in two versions: a capital guaranteed version and a delta-2 version.

The certificate is registered with CNMV, the Spanish regulator, and is currently open for subscription. The offering closes on March 26.

Santa Maria said that many distributors have started to look at new types of underlyings such as hedge funds, private equity and real estate, as well as new payoffs. "These are quite new to

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