US certificates of deposit losing their shine in testing times for capital protection

Falling out of love with protection


US industry participants are optimistic that structured notes will make a significant come-back this year, driven primarily by a low interest-rate environment that is making it very difficult to structure capital-protected (including certificates of deposit (CD)-based) products with attractive returns.

In a higher-rate environment, we would not be discussing the switch out of CDs to non-government guaranteed products, says Mike Clark, New York-based managing director and head of retail distribut

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