Unwrapping Russian structures


The issuance of Russia’s first onshore structured bond in June 2009 by investment bank Troika Dialog has added a new wrapper to the traditional deposit, nudging the Russian market one step further in its development. The 18-month product was sized at a modest Rbs176.6 million (US$6.2 million), linked to the benchmark RTS equity index and offered a participation rate of 45%. While the payoff incorporated a simple call structure, the Troika Index Bonds were the first capital-guaranteed structured

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