Sterling swap rate collapse hits structured deposits

Post-Brexit halving of five-year swap rate sees Hartmoor pull FTSE deposit plans

Sterling rate falls
The five-year sterling swap rate collapsed following the UK referendum

The collapse in interest rate swap rates following the UK's vote to leave the European Union has forced at least one issuer to suspend the sale of capital-protected structured products, and has prompted speculation that few new deposit products will be offered to the market by any issuer until rate expectations recover.

Hartmoor Financial, a UK issuer that only began trading in January this year, closed subscriptions to its FTSE 100 Deposit Growth Plan 5 and FTSE Kick Out Deposit Plan 5 on June

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