Lower volatility across markets is being offset by shifts in skew and dispersion driving new dynamics for issuers to package risk and generate yield.

The latest Cboe Macro Volatility Digest shows markets calming fast but the risk premia that structured products desks rely on is shifting in ways that could reshape issuance and investor appetite. Oil and gold remain exceptions, although their implied volatility has also declined The Cboe update arrives as issuers recalibrate after a volatile first quarter. Equity, rates, credit and FX implied volatilities have all fallen below long-term averages, with the VIX ending last week at 17.5%, lowe