This week's wrap covers products with strike dates between December 10-16, 2017. The structures reviewed included a high selling structured fund from Amundi in France, a kick-out plan from Natixis in the UK and a number of high profile collaborations, among other in the US where Goldman partnered with JP Morgan to offer enhanced participation in an index basket and in Taiwan where BNPP joined forces with Societe Generale for a memory coupon note.

EUROPE

Fifty-two structured products distributed across 12 different jurisdictions struck in Europe this week.

In France, Crédit Agricole Caisses Régionales introduced Trianance 6 ans N°4, an autocallable structured fund linked to the Eurostoxx 50 index with a maximum duration of six years. The bond for the product is provided by Amundi, an entry fee of 2% applies and there is an annual management charge of 1.50%. As of December 12 the fund had net assets of €184.2m.

BNP Paribas Fortis launched a new tranche of its capital protected Fix to Spread Note 2027/3 in Belgium. The 10-year income product is issued via the BNPPF Funding vehicle and pays a fixed annual coupon of 1% for the first five years of investment. The following years the annual coupon is equal to 1.5 times the difference between the CMS 10-year rate and the CMS 2-year rate, subject to a maximum coupon of 4%. The product collected €10.5m during its subscription period.

Erik Penser Bank is pitching the Sprinter Asien 1747 Platå among retail investors in Sweden. The five-year certificate, which is issued via Handelsbanken, is linked to an equally weighted basket comprising four Asian indices: Hang Seng China Enterprises Index, MSCI Taiwan, MSCI Singapore Free and Kospi 200. The product is issued at par and a commission of 2% applies.

In Ireland, Wealth Options, a wholesale distributor of financial products, launched the five-year Dual Star Performers Note 3. The 90% capital protected product participates 200% in the positive performance of two managed funds (Henderson Gartmore Fund United Kingdom Absolute Return, Pictet Multi Asset Global Opportunities), subject to 24 months backend averaging. The product is issued via Natixis and brokers will be paid 2.25% for advising this investment.

Natixis was also the issuing party behind Meteor Asset Management's FTSE/Stoxx Defensive Kick Out Plan in the UK. The autocallable is available for investment as, among other, a 2017/18 tax year stocks and shares Isa, a pension scheme, and for trustees, companies and partnerships. The plan has a maximum term of six-years and gets a listing on the Luxembourg Stock Exchange.

NORTH AMERICA

Seventy-three structured products from 12 different distributors struck in North America this week. They were all targeted at retail investors in the US.

Morgan Stanley Wealth Management is distributing the Trigger PLUS (48129K597) in the US. At maturity, if the underlying Eurostoxx 50 index does not fall by more than 15% from its initial level, which is set at 3,582.21 points, the unlisted registered note offers 100% capital return plus the greater between 0% and 178.30% in the upside performance of the index. The securities sold $13.6m at inception and the estimated value on the pricing date was $9.719 per $10 stated principal amount.

Also in the US, Goldman Sachs Private Banking launched the Capped Buffered Enhanced Participation Basket-Linked Notes (48129HUL9). The product has a term of 20-months and participates 180% in the positive performance of a weighted basket composed of the Eurostoxx 50, FTSE 100, Topix, S&P/ASX 200 and SMI. The product is issued via JP Morgan Chase Financial and collected sales of $1.95m. The estimated value of the notes was set at $999.20 per S1,000 principal amount note.

Royal Bank of Canada (RBC) issued the $1.3m Autocallable Contingent Coupon Barrier Notes which are linked to a basket comprising the shares of Amazon, Facebook, Alphabet and Netflix. The product offers a quarterly coupon of 9.10% p.a. providing the worst performing share has not fallen by 50% or more on the observation date. The initial estimated value of the notes is 94.726% and a commission of 2.25% applies.

LATIN AMERICA

There were no structured products striking in the Latam region this week.

MIDDLE EAST & AFRICA

One new structured product struck in the Mea region this week. The product in question, Standard Bank's Uncapped Protected Index Top 40, was targeted at retail investors in South Africa. The five-year medium-term note protects 100% of the nominal invested while at the same time participating 105% in the positive performance of the FTSE/JSE Africa Top 40 Index.

ASIA PACIFIC

Three hundred and thirty-eight structured products struck this week in the Apac region. The products where issued across five markets, of which South Korea, with 286 products, was the most active, followed by Japan (22), Taiwan (18), Hong Kong (10) and China (two).

Bank of China issued the three-month Target Rate Investment 17G in Hong Kong. The product is denominated in Australian dollars and pays a fixed coupon of 1.33% p.a. if the final fixing rate of the AUD/USD currency pair is at or above the initial fixing rate plus 0.0200 on March 8, 2018. Otherwise investors receive a coupon of 1% p.a.

In Japan, Okasan Securities launched EB 20180612, a six-month security linked to the performance of the share of Taiyo Yuden. The product offers a fixed quarterly coupon of 8.35% p.a. and will be redeemed early if the underlying share closes at or above its initial level on the valuation date. The registered note sold JPY330m (US$2.9m) during the subscription period and is issued via Svensk Exportkredit while JP Morgan Securities acts as the derivatives counterparty.

Shinhan Investment issued equity-linked security 14898 in South Korea. The three-year product is linked to the performance of a basket of three indices: Eurostoxx 50, Hang Seng China Enterprises and SF-Kospi 200 Leverage 1.5x Index. At maturity, if the note has not been redeemed early, the product offers 100% capital return plus a fixed 12% coupon if the level of the worst performing index is at or above 60% of its initial level.

BNP Paribas is distributing a six-month Memory Autocallable Range Accrual 037001002778 in Taiwan. The note is denominated in US dollars and is linked to the performance of a basket of three financials: ABN Amro, BNP Paribas and Societe Generale. The product is issued via SG Issuer.