This week's wrap covers structured products with strike dates between May 6 and 12, 2018. Products reviewed include a cunningly named 'Himaraya' note from Kepler in France, a Natixis index in Poland linked to a basket of multi asset funds and a CLN from SEB in Finland. In the US, Credit Suisse launched a yield note linked to four tech stocks while memory coupon products from SocGen featured heavily in Taiwan.

EUROPE

One hundred and thirty-six structured products distributed across 12 different jurisdictions struck in Europe during the week.

Bank Austria is distributing HVB Zins Garant Anleihe 06/2025 to retail investors in Austria and Germany. The capital protected securities offer a fixed coupon of 0.5% p.a. and participate 50% in the positive performance of the Real Value Strategy Index. The index is developed and designed by Unicredit Bank and tracks a basket of exchange-traded funds (on European equites, real estate, gold and money market instruments).

Kepler Cheuvreux Solutions teamed up with Societe Generale to launch Himaraya Mai 2026 in France. The eight-year note can be redeemed early providing the underlying MSCI Euro 50 Select 4.75 Decrement Index closes at or above 102% of its initial level on the annual observation date. The autocallable product, which has no relation to the Himalaya payout structure, is listed in Luxembourg.

Belfius introduced OptiPerformer Finance in Belgium. The six-year medium-term note (MTN) is issued via the bank's Luxembourg domiciled Belfius Finance Company vehicle and is linked to the Eurostoxx Banks index. A one-off distribution charge of 1.45% (0.24% p.a.) is included in the issue price and a commission of up to 0.60% applies.

Idea Bank, which is part of Getin Holding, issued Elite Funds VI edycja in Poland. The three-year structured deposit is linked to the NXS Elite Funds Selection Index, a dynamic strategy index from Natixis which invests in a basket of global multi asset funds. The index looks to provide an additional layer of protection by increasing and decreasing its allocation to the selected managers in order to maintain the volatility of the index below 3.50%.

In Sweden, independent brokerage house Consensus Asset Management (formerly known as Thenberg & Kinde Fondkommission) collaborated with Danske Bank for the launch of Autocall Svenska Bolag 7. The note has a maximum term of five years and is linked to a basket of shares comprising Electrolux, Hennes & Mauritz, SEB, and Tele2. The product is listed at Nasdaq OMX Stockholm. A fee of 1.5% is added to the issue price.

Alexandria Pankkiiriliike is distributing Luottokori Eurooppa Tuottohakuinen 4. The five-year credit-linked note, which is issued via SEB, is linked to the Markit iTraxx Europe Crossover S29. At maturity the product offers 140% capital return providing no more than nine companies in the index have been subject to a credit event. A commission of 2% applies and SEB charges a structuring fee of maximum 1.20% per annum in accordance to the market situation.

NORTH AMERICA

Credit Suisse issued the contingent coupon autocallable yield notes in the US. The securities pay a coupon of 15.5% per annum providing the shares of Amazon, Facebook, Alphabet and Netflix are not trading below 60% of their initial level on the annual observation date. The estimated value of each $1,000 principal amount of the securities on the trade date will be between $950 and $980 and a commission of up to $40 applies.

MIDDLE EAST & AFRICA

Standard Bank issued the uncapped protected index Top 40 in South Africa. The five-year MTN protects 100% of the nominal invested and participates 100% in the positive performance of the local FTSE/JSE Africa Top 40 Index.

ASIA PACIFIC

Eighty-six structured products struck in the Apac region during the week. The products were split across three databases: Taiwan (72), South Korea (eight) and Japan (six).

MS MUFG Securities is distributing RDC BRL/JPY M20280509 in Japan. The 10-year unlisted registered note is linked to the appreciation of the Brazilian real relative to the Japanese yen and features the power reverse dual currency payoff which offers an initial fixed coupon followed by variable coupons linked to FX rate movements during the investment period. Morgan Stanley is the issuer and Bank of New York Mellon acts as the derivatives manufacturer.

Far Eastern Securities launched the one-year US dollar denominated Memory Autocallable Note 037001003407 in Taiwan. The note, which is linked to a basket comprising the shares of Alibaba, Intel and Taiwan Semiconductor, is issued via Societe Generale and targeted at private banking investors.

Societe Generale also acted as the counterparty for another Memory Coupon Note in Taiwan, this time in partnership with Standard Chartered Bank. The securities have a term of six months and are linked to a basket comprising two exchange-traded funds (SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF) and one share (Vale).

In South Korea, NH Investment & Securities issued DLB 1016 a 20-year euro denominated capital protected bond linked to the USD 3M Libor. As of May 10, 2020, the product can be called early at the end of every two years.