This week's wrap covers products with strike dates between January 28 and February 3, 2018. Structures reviewed include a collaboration between Societe Generale and an online insurer in France, a Solactive index linked to developed markets companies in Belgium, a Bloomberg index comprised of commodity future contracts in the US, and products from HSBC in China and Japan.

EUROPE

Ninety-five structured products distributed across nine different jurisdictions struck in Europe during the week.

Linxea, the independent specialist in online life-insurances launched eXigence Janvier 2018 in France. The autocallable product, which is issued via SG Issuer and guaranteed by Societe Generale, has a maximum term of 10 years and is linked to the Euro iStoxx Equal Weight Constant 50. The index replicates the returns of the Eurostoxx 50 Equal Weight Index while assuming a constant dividend. The product is issued at 99.81% of the nominal amount and is listed on the Luxembourg Stock Exchange for an amount of €30m.

BNP Paribas Fortis is distributing the Human Capital Note 2027 in Belgium. The capital protected note has a term of nine-years and participates 100% in the positive performance of the Solactive Human Capital World MV Index which is designed to track the performance of developed market companies with comparably high dividend yield and, at the same time, construct a portfolio which exhibits low volatility and avoids excess sector concentration. The product is issued via the BNPP Fortis Funding vehicle and sold €8.1m during its subscription period.

Reyker collaborated with Royal Bank of Canada (RBC) for the launch of the Defensive Supertracker in the UK. If the final level of the FTSE 100 is above 90% of its initial level, the product offers 300% participation in the rise, capped at a maximum overall return of 151%. The product has a 60% European barrier and can be held, among other, as a stocks & shares Isa, small self-administered pension scheme (SSAS), and by corporates, charities and trusts. The investment is listed on the Irish Stock Exchange.

NORTH AMERICA

One hundred and forty-five structured products struck in North America during the period. They were all targeted at the US market.

UBS launched the Capped GEARS Securities (90280Y198) in the US. The two-year registered notes participate 150% in the rise of the Bloomberg Commodity Index 3 Month Forward which is comprised of commodity future contracts, not physical commodities, or their spot prices. The relative weightings of the designated contracts included in the index are determined annually according to both liquidity and dollar-adjusted production data in 2⁄3 and 1⁄3 shares, respectively. The estimated value of the product was set at 96.7% on the trade date. The securities collected a sales volume of $1.8m and a commission of 2% applied.

Also in the US, GS Finance issued the Index Notes (40055AE78). The five-year fully capital protected securities sold $102,000 and participate 150% in the positive performance of the Motif Capital National Defense 7 ER Index. The index is calculated by Solactive and measures the extent to which the underlying stocks - which include companies in aerospace & defence, construction & engineering, machinery & heavy trucks - and any money market positions outperform the 3-month USD Libor plus 0.75% p.a. The estimated value of the notes on the trade date is approximately $941 per $1,000 face amount. An underwriting discount of 1.21% applies.

LATIN AMERICA

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

MIDDLE EAST & AFRICA

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

ASIA PACIFIC

Two hundred and sixty-eight structured products struck in the Apac region during the week. The products where split across four markets, of which South Korea, with 186 products, was the most active, followed by Japan (55), China (15) and Hong Kong (12).

Citibank issued QDII - Structured Notes 2018 S3 in China. The five-year product, which is wrapped as a wealth management scheme, is linked to a basket comprising the shares of Softbank, China Unicom and Verizon, and will be redeemed early - quarterly - paying a coupon of 5% p.a. providing each share is at or above 104% of its initial level.

Also in China, HSBC Bank launched the two-year US dollar denominated Note S31. The product is linked to the performance of the ChinaAMC CSI 300 Index ETF (HKD), a sub-fund of the ChinaAMC ETF series. The fund invests directly in A-Shares companies and its investment portfolio includes companies of the energy sector, financial sector, information technology sector and health care sector, among others.

In Japan, SBI Securities partnered with HSBC Bank for the launch of EB M20180801. The six-month notes are linked to the shares of Dai-ichi Life, the third-largest life insurer in Japan by revenue, and offer a fixed quarterly coupon of 5% p.a. At maturity, if the share has not traded below 80% of its initial level during the investment term, the securities will return 100% of the nominal invested. Otherwise the product will be redeemed by physical delivery of the underlying share instead. The product sold JPY600m ($5.5m).

Samsung Securities is offering DLS 2046 in South Korea. The three-year product, which can be autocalled at the end of each semester, is linked to a basket comprising Brent and WTI crude oil and the Eurostoxx 50. At maturity, the product returns 100% of the capital invested, plus a coupon of 20.4%, providing the price of the worst performing underlying is at or above its initial price.