Short-term leveraged notes the new battleground in Germany

Competition in short-term leveraged products such as warrants and turbos is intensifying in the German market, as new names join long established players in the fight for market share. Michael Marray reports


Self-directed investors in Germany have a wider range of products to choose from than ever before, as bank providers shift more resources into short-term trading products, generally referred to in the German market as Hebelprodukte (leveraged products). Issuers continue with longer-term placement products such as capital-protected notes, as well as bonus certificates and express certificates, which may often only be held for a few months. But in the past 12 months the main battleground for

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