Best in Japan: Societe Generale
The kiko structure has been the yield product of choice in Japan and now, thanks to SG, it has an emerging markets currency component that offers a much desired bump to the yields on offer
In a year when demand for structured products in Japan fell away, Societe Generale (SG) got around the issue by making their existing products more exciting.
The addition of the Brazilian real and the Turkish lira to the existing kick-in kick-out (Kiko) is a sharp example of this. The structure produces a coupon that varies depending on the strength of the foreign currency, with capital redeemed in the non-domestic currency if it has depreciated to a certain level at maturity. SG has been
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