Fully capital protected inflation linked products were a common structure in Germany and Austria between 2008 and 2011, but during the past few years, hardly any issuer has been able to offer full protection and meaningful upside exposure to underlying assets because of the low interest rate environment which has resulted in a shift towards headline rates and coupons. The inflation rate in Europe has put the spotlight on the HICP inflation Europe index - an underlying hardly offered between 201

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