Swedish Strukturinvest Fondkomission has entered the Norwegian structured retail products market with the 1613 Autocall Europa Kjøretøy PlussMinus, a private placement offered to Norwegian investors in August which raised NOK9.4m (€1m).
"This is the first private placement we launched in Norway and we did it as a test before scaling up the business in this new market," said Anna Rigner, head of marketing at Strukturinvest Fondkommission. "We are currently having discussions with a number of counterparties in Norway and are planning to launch more products in the Norwegian market shortly."
The five-year knockout/protected tracker is linked to the performance of a basket of equity shares comprising Peugeot, Volkswagen, BMW, and Daimler. The product which is listed on Nasdaq OMX Nordic Exchange offers the potential of early redemption if the basket level is above 90% and a quarterly coupon of 2.7% if all of the shares are at or above 80% of their initial levels on any of the six-monthly observation dates.
Strukturinvest has been one of the most active distributors of structured products in Sweden this year with 112 products marketed worth SEK166m, up 5% y/y and doubling its market share to 16% in Sweden compared to last year's 8% (incl non-retail).
SRP data also shows that Strukturinvest has issued over 900 products in Sweden including 512 structured certificates, 344 structured notes, and 33 warrants.
According to Rigner, Strukturinvest has established itself in a short time as one of the leading independent providers of structured products in Sweden. "We are dedicated to repeat our success in the Norwegian market," said Rigner.
The Norwegian market is down 35% y/y in terms of sales volume (NOK1,177m) and nearly 60% in terms of issuance (57).
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