Roche: most defensive barriers at safe distance as stock struggles

The performance of the Roche stock throughout 2023 has raised concern in some parts of the market as the disappointing performance of the pharmaceutical company has put a number of structured products at risk in the Swiss market – mostly worst of barrier reverse convertible structures (7,149 products), often also featuring Nestle and Novartis, as well as autocalls (1,383). We haven't seen a significant impact in the market from the Roche performance. The spot move is relatively orderly,