Swiss autocalls ‘10% away from disaster’ as Roche shares slide
Popular ‘worst-of’ products flirt with downside barriers, but issuers see no cause for hedge alarm
An 18-month slide in the shares of pharma giant Roche has pushed a popular structured product that dominates the Swiss retail market to the brink of losses – though dealers insist there is no danger of a damaging hedging scramble in the near term.
Autocallable bonds and reverse convertibles linked to the worst performer out of Nestlé, Novartis and Roche, three of Switzerland’s largest publicly
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