This week we look at a type of 100% principal-protected notes (PPNs) featuring an averaged US$150m trade size tracking single stocks in the US.
Looking at the best-selling structured notes registered with the U.S. Securities and Exchange Commission (SEC) based on SRP data year-to-date, a structure named Cash-Settled Equity Linked Notes has made it into the domestic best-sellers league table. The products, primarily catering to institutional investors or separately managed accounts (SMAs), have been seen in the US market occasionally since 2018. They feature a stock adjustment factor linked to the underlier’s dividend. In