Structured products
WHAT IS THIS? Structured products are investments that have multiple components. For retail investors, the most common form is a bond plus an option – these tend to be standardised, sold in small tickets and large volumes. Managing the risks of large structured products portfolios is one of the biggest challenges dealers face.
Natixis said to offload a third of Korean structured book
BAML and BNP Paribas named as buyers in $2.5 billion notional sale of equity-linked securities
‘Imperfect hedge’ magnified equities slump at BNPP
US index loss, dislocations and weak demand produce worst equity trading results in a decade
Calling out autocallable pricing
Quants show popular autocallable pricing technique has a flaw that has been ignored until now
Natixis sales exec leaves bank following €260 million hit
Nicolas Reille tried to bring his entrepreneurial spirit to the Asian equity derivatives market
Eurostoxx dislocations signal autocall hedging pain
Swings in dividends and volatility reveal year-end stress as European index slump tests “peak vega”
Nomura plans more hires in equity derivatives, eyes China
Unit head also sees potential in Hong Kong listed market and in demand for bespoke products
Asia moves: Nomura boosts Asia ex-Japan, Bank of America picks two Apac co-heads, and more
Latest job changes across industry
Wind firming caps found better than swaps at reducing risk
Wind firming deals claim to address intermittency and stabilise renewable generator cashflow, but how effective are they?
China sees slowdown in structured deposit volumes
Easing of restrictions on wealth management products tips market away from structured deposits
Natixis’s €260m hit blamed on big books and Kospi3 product
Rivals say French dealer grew business too quickly – with leveraged version of Korean index one source of pain
Industry lukewarm on proposed ‘quick fixes’ to Priips rules
Many fear performance scenarios will remain misleading and expose providers to mis-selling claims
Bank risk manager of the year: UBS
Risk Awards 2019: Bank heeds lessons of past structured products routs to navigate February volatility
CLO scare: could rated tranches see losses?
Structures are more solid, but loans are dicier, and recovery rates may be disintegrating
Risk Markets Technology Awards 2019: Vendors enter the pick-and-mix era
Modular tech and micro-services – plus new risk and regulatory needs – are creating openings for insurgents and incumbents
Structured products house of the year: Societe Generale
Risk Awards 2019: French bank struck Commerzbank deal and ramped up risk transfer focus
UBS hires Moussa from Credit Suisse for Asia QIS role
Imene Moussa to work on QIS and off-balance-sheet structuring across the region
Structured product platforms take off in Asia
Multi-dealer platforms Contineo and FinIQ seek to replicate success in Europe’s fragmented market
Asian exotics desks need to slash risk
Time for structured products desks to curb their appetite for risk
Korean insurers shun structured notes ahead of IFRS 9
Prospect of earnings volatility blamed as big buyers of notes turn to less exotic assets
Equity vol strategies get defensive
Floored short funding legs and long vega worked in latest US selloff, dealers claim
US banks shuffle structured product portfolios
Investments classified as available-for-sale drop $8.7 billion across six largest dealers
No fast buck for global banks moving into China
New entrants must not think majority stake in JV will pay immediate dividends
House of the year, Korea: Hana Financial Investment
Asia Risk Awards 2018
Societe Generale defers €1.35 billion of trade profits
French dealer holds back far more than rival dealers