Market Snapshot
Tim Mortimer of Future Value Consultants reviews a healthy revival in interest for leveraged return notes from US investors, as well as HSBC’s position as the leading provider of structured products in the US in October. Investec, again, head the issuance table in the UK, where capital-at-risk kickouts remain the order of the day
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The total notional across all product types in the US in October fell more than 5.3% against the previous month. Over the same period, the volume of leveraged return notes increased by $273 million, accounting for over 50% of new supply and making it the dominant product. The notes, which are aimed at investors who expect small to moderate index growth and are prepared to take capital risk, accounted for $918 million of the notional sold in October. Second
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