Financial market shake-up in Spain triggers changes in retail structured product wrappers

Fiscal and regulatory reforms announced by the new Spanish government have led market participants to rethink wrappers and product maturities, with growth and fund-linked products likely to benefit

Longer product terms and delayed coupons in Spain

A fresh round of Spanish reforms aimed at completing the restructuring of the country's banking system has introduced a two-year temporary tax hike that increases the tax rate for profits on investment products, prompting retail issuers to delay structured product maturities and coupons.

"The aim of these recent reforms is to make the financial sector safer and ensure banks can finance themselves and raise capital in the international markets," says Salvador Ruiz Bachs, partner at Allen & Overy