Decrement: sales reach US$22.5bn despite issuance drop

Decrement or synthetic dividend overlays used in indices underlying structured products have grown and increased their market share across markets - especially in France - since early 2020 when the dividend crisis triggered by the Covid 19 first lockdown reverberated through the market. A decrement overlay is represented as a constant markdown or 'decrement' applied to the index. The decrement overlay is constructed by periodically deducting a predefined fee, either in the form of a fixed perc