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.
Asia investors eye fund-linked structures amid US rate rises
Principal-protected fund-linked products on the rise as fixed-income investors seek safety
Asian privacy laws obstruct FRTB data pooling efforts
Bank scepticism and regulatory hurdles likely to inhibit cross-border information sharing
Autocall hedging set to push Euro Stoxx volatility higher
Rising index likely to trigger increased volatility, say dealers
Structured products house of the year: Credit Suisse
Risk Awards 2017: Bond repacks, op risk notes, LOCs – and a big reorganisation
Fresh Priips objections reignite timing fears
Supervisors' concerns could delay adoption and put pressure on implementation timeline
Synth City: how synthetic dividends could save autocallables
New indexes promise higher coupons and lower dealer hedging costs
Why risk aversion should be built into product structuring
Irrational behaviours that creep into product structuring can be controlled mathematically
The hidden credit risk in US tax reforms
IRS's Section 871(m) rule poses huge problems for US and European structured products issuers
Bankers told to lead from the top on Mifid governance rules
Structured products issuers’ strategy should reflect new guidelines, say regulators
Don’t use structured products to bet on politics, say issuers
Structured Products Europe: Panellists speak of Brexit hedges backfiring and Trump win confounding expectations
Structured product innovation under threat, say distributors
Structured Products Europe: Regulatory burdens holding back new structures
Final Priips rules tipped for April 2017
Banks may push ahead with publishing key information documents before compliance date
Dealers split over competing repack standardisation efforts
Rival initiatives aim to standardise documentation for repackaged bond investors
Auditors: the extra line of defence
If CDS skew spikes, some banks may be thankful for conservative accountants
Non-cleared margin rules confuse Asian private banks
Exotic OTC products for Asian high-net-worth investors could be under threat
Industry applauds 12-month Priips delay
Firms say Mifid alignment will minimise legal risks of key information documents
Trump victory: market whipsaw could spell exotics losses
Seesawing markets prompt speculation of big losses for structured product issuers
Skewed views: banks, auditors split on CDS index trades
Views on risks and accounting treatment of arbitrage repack differ across the Street
Buy side turns to credit skew notes for yield pick-up
Revival of credit derivatives arbitrage strategy targeted at insurers and private banks
Priips delay unlikely even as pressure mounts
EC said to maintain the stance that firms can issue information documents without RTS
Bank prop indexes threatened by US tax changes
IRS’s Section 871(m) rule places burdensome requirements on non-qualified indexes sold to non-US persons
Negative Euribor erodes securitisation profits
Implicit floors in notes leave originators facing cost of negative rates on hundreds of tranches
Priips in disarray as nightmare scenario looms for issuers
MEPs send structured products rules back to drawing board as Eiopa chief calls for delay
German industry gears up to oppose CLN ban
German Derivatives Association argues ban is unlawful