Structured products

Содержание

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What are Structured Products Structured Product is a combination of bond

What are Structured Products

Structured Product is a combination of bond +

derivative
It has flexibility with respect to the underlying asset
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Derivatives An option gives its owner the right to buy or

Derivatives

An option gives its owner the right to buy or sell

an underlying asset on or before a given date at a fixed price
Options are a part of a broader asset class called contingent claims. The payoff of this asset in future depends on the outcome of an uncertain event.
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Some Definitions

Some Definitions

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Types of Structured Products CPPI ( Constant Proportion Portfolio Insurance) Based

Types of Structured Products

CPPI ( Constant Proportion Portfolio Insurance) Based Structures

: The client is not guaranteed a participation in the index, but principal protection is guaranteed by dynamically reducing risk as we approach the floor.
Dynamic Portfolio Protection : This is based on the CPPI model with modifications like a moving floor due to multiplier.
Option Based Structures with Simple Payoff : Here the clients capital is locked in for a certain time and a minimum return ( could be zero) and an upside participation (typically less than 100% or with a cap) in an equity index or a set of stocks is guaranteed
Range accruals/Digitals: In these products instead of capital guarantee and upside participation , the client gets a constant coupon if the underlying stock or basket is above a certain level.
Option Based Structures with Complex Payoffs
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CPPI Constant Proportion Portfolio Insurance (CPPI) is the name given to

CPPI


Constant Proportion Portfolio Insurance (CPPI) is the name given

to a trading strategy that is designed to ensure that a fixed minimum return is achieved either at all times or more typically, at a set date in the future
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CPPI-Jargon Floor : Present Value of desired capital to be preserved

CPPI-Jargon

Floor : Present Value of desired capital to be preserved at

maturity. If the product comes with an 80% capital guarantee, the floor is 80% of the initial capital.
Cushion : Portfolio value less Floor. In the above example cushion will be 100-80 i.e.20%
Multiplier : Leverage applied to cushion
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How CPPI operates Essentially the strategy involves continuously re-balancing the portfolio

How CPPI operates
Essentially the strategy involves continuously re-balancing the portfolio of

investments during the term of the product between performance assets and safe assets using a set formula or mathematical algorithm. CPPI is totally rules based and non-discretionary.
Principal protection is achieved by adjusting the exposure to the performance assets such that the underlying portfolio (ie the mix of safe assets and performance assets) is able to absorb a defined decrease in value before the value of the portfolio falls below the level required to achieve principal protection. 
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Example of CPPI Initial Investment : 100 Minimum Guarantee : 80

Example of CPPI

Initial Investment : 100
Minimum Guarantee : 80 after 5years
Investment

pattern if worst case scenario is taken as fall in equity of 50% overnight
60 in Deposit 40 in Equity
50% fall in equity makes equity portion to 20. Still guarantee of 80 stands (60+20)
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Example of CPPI Same example if market rises and value of

Example of CPPI

Same example if market rises and value of equity

goes up from 40 to 50. Total portfolio value becomes 110 (60+50).
Fund provider can put 60 in equity as 50% fall will bring equity value to 30. Which still gives investor guarantee plus returns.
As the fund rises so does the minimum guaranteed investment. If initial investment of 100 becomes 125, 80% of that is 100, which the investor can be assured of getting at any point in time after that.
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Risk in CPPI-Cash Locked In the worst case scenario the market

Risk in CPPI-Cash Locked

In the worst case scenario the market

trends downwards. Then the risky asset contentiously loses value and in order to protect the floor, more and more assets are allocated to the risk-free asset. In this worst case scenario, as soon as all assets are allocated to the risk free asset. The total value of all assets equals the floor and the is no room left for an allocation to risky assets. The strategy is “cash locked”. Upside potential disappeared and only the interest earned from the cash position can be invested in the risky asset.
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Risk in CPPI-Model Risk Another risk is known as Model risk.

Risk in CPPI-Model Risk

Another risk is known as Model risk. This

is the risk that the market overnight collapses and more value is lost then assumed when the multiplier was set. The model risk or gap risk is either ran by the investor or by the manager. In the latter case a gap risk insurance will be charged. This risk is often reduced by a long put option position.
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Risk in CPPI-Trading Band Width According to the CPPI methodology, risky

Risk in CPPI-Trading Band Width

According to the CPPI methodology, risky assets

are being bought in rising markets and sold in falling markets. If then after a boost, the underlying market corrects downwards to the previous level, the same number of risky assets that were first bought at a high price now needs to be sold at a low price. A loss is recorded and a smaller allocation to the risky asset is necessary. The trading band-with should be set as wide as to prevent this, but at the same time, as small as to reduce the gap risk. Next to the multiplier the trading band-width is a key to a successful CPPI product.
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Gap Protection Banks that provide CPPI underwrite this so-called ‘Gap Risk’

Gap Protection

Banks that provide CPPI underwrite this so-called ‘Gap Risk’ and

guarantee to stand by the stated minimum return whatever occurs in the market. A non-bank provider of CPPI product would typically purchase Gap Protection from a third party in order to maintain their Minimum Return Guarantee
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The difference between CPPI and standard fixed participation methodology Unlike a

The difference between CPPI and standard fixed participation methodology

Unlike a standard

structured product which places a set amount in a zero coupon deposit on day one and purchases a call option with the remaining funds in order to provide a set participation level, a CPPI based structure varies cash allocation between so-called safe assets (ie bonds and cash) and the performance assets (equities or other ‘risky assets’) depending upon market performance.
The key difference between CPPI based capital protected products and option-based products are:
The participation in any rise in the underlying is not fixed at the start
It is possible to have a higher initial participation than with an equivalent option-based product
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Some Indian Structured Products

Some Indian Structured Products

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HSBC Capital Guard Portfolio The key features of this product are:

HSBC Capital Guard Portfolio
The key features of this product are:   
     *

100% Capital Protection Guaranteed – 100% of initial investment back at maturity (after 4 years). For the guarantee to be applicable, the investor will need to remain invested till maturity  
100% Initial Equity Exposure – Optimal allocation to actively managed equities aimed at Capital Appreciation  
Profit Lock-in Mechanism – The portfolio endeavours to capture upside by providing a 3% lock-in for every 10% increase in initial portfolio  
Easy Liquidity – 4 year tenor with liquidity provided through the tenor of the product (subject to applicable exit loads)  
Minimum Investment Amount – Rs 25 lacs    
* Guarantee has been provided by HSBC Bank plc subject to terms and conditions..
This portfolio is currently not available for subscription.
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JM Financial’s Triple AAAce Scheme JM Financial’s Triple AAAce Scheme, will

JM Financial’s Triple AAAce Scheme

JM Financial’s Triple AAAce Scheme, will invest

in equity funds for five years and provide investors at least 85% of the maximum peak value of the underlying portfolio of funds, at the time of maturity. It has tied up with Societe Generale Asset Management and has been rated by Crisil Ltd, a subsidiary of ratings agency Standard & Poor’s
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Structured Products in Global Markets Some Examples

Structured Products in Global Markets

Some Examples

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Exotics Exotics are exotic options which are different from the plain

Exotics

Exotics are exotic options which are different from the plain vanilla

European and American Options.
Banks and institutions globally use exotics to create a variety of Structured Products.
Examples of Exotics:
Non standard American Options (Bermudan Options)
Forward Start Options
Compound Options
Chooser Options
Barrier options
Knock-out or knock-in options
Down and Out Call
Down and In Call
Up and Out Call
Up and In Call
Binary Option
Cash or Nothing Call/Put
Asset or Nothing Call/Put
Lookback Options
Shout Options
Rainbow Options
Basket Options
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Structured Products-Growth Protected Note Turbo Note Digital Plus Lock-in Accumulator Delta

Structured Products-Growth

Protected Note
Turbo Note
Digital Plus
Lock-in Accumulator
Delta One Certificate
Outperformer
Sprint
Best of /Worst Of
Airbag
Twin

Win
Condor
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Structured Products-Income Callable Corridor Scoop Reverse Convertible Reverse Discount FX Target

Structured Products-Income

Callable Corridor
Scoop
Reverse Convertible
Reverse Discount
FX Target
Callable Stability Note
Phoenix Note
Phoenix Plus
Eagle Note
Eagle

Plus
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Protected Note A Protected Note is a structured procuct,100% Capital Guaranteed

Protected Note

A Protected Note is a structured procuct,100% Capital Guaranteed at

maturity, which allows the investor to benefit from participation in the increase (or the decrease) of the underlying
Mechanism
At maturity the investor receives maximum between:
100% of the capital invested
100% + x% of the performance of the underlying
Advantages
100% capital protection
Investor can benefit from a high return
Disadvantages
The redemption at maturity can be lower than the redemption of a standard deposit product over the same period
The capital is only guaranteed at maturity
Structure
Buy a zero coupon bond
Buy x% of a call (for participation in increase) or a Put (for a participation in the decrease)
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Example of Protected Note Example 1: Increase of the underlying on

Example of Protected Note

Example 1: Increase of the underlying on the

final observation date
If the underlying has increased (from 100 to 120 for eg) the investor receives at maturity:
100% of the capital invested + 100% of the underlying
100% +(100%*20*) = 120% of the capital invested
Example 2: Stability or Decrease of the underlying on the final observation date
If the underlying has decreased (from 100 to 40 for eg) the investor receives at maturity:
100% of the capital invested
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Turbo Note A Turbo Note is a structured product,100% Capital Guaranteed

Turbo Note

A Turbo Note is a structured product,100% Capital Guaranteed at

maturity, which allows the investor to benefit from a high participation in the increase of the underlying up to a predefined deactivating barrier level.
Mechanism
At maturity
If the underlying closes at or above its initial level and has never reached the barrier during the life of the product, the investor receives
100% + x% of the performance of the underlying
x% being the participation in the increase of the underlying
If the underlying closes below its initial level but has never reached the barrier during the life of the product
100% of the capital invested
If the underlying has reached the barrier during the life of the product
100% of the capital invested
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Turbo Note Advantages 100% capital protection The product provides higher participation

Turbo Note

Advantages
100% capital protection
The product provides higher participation in the increase

of an underlying than other structures (for eg protected notes)
Disadvantages
The capital is only guaranteed at maturity
The investor may no longer benefit from the increase if the underlying reaches the barrier.
Structure
Buy a zero coupon bond
Buy a call At the money Up and Out (American Barrier)
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Example of Turbo Note Participation : 100% of increase of the

Example of Turbo Note

Participation : 100% of increase of the underlying

Barrier : 130%
Example 1: Increase of the underlying on the final observation date
If the underlying closes at 125% on the final observation date i.e. above its initial level and has never reached the barrier during the life of the product, the investor receives at maturity:
100% of the capital invested + 100% of the underlying
100% +(100%*25%) = 125% of the capital invested
Example 2: Increase of the underlying beyond the barrier
If the underlying closes at 110% on the final observation date i.e. above its initial level but has reached the barrier during the life of the product, the investor receives at maturity:
100% of the capital invested
Example 3: Decrease of the underlying on the final observation date
If the underlying closes at 80% on the final observation date the investor receives at maturity:
100% of the capital invested
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Digital Plus A Digital Plus is a structured product ,100% capital

Digital Plus

A Digital Plus is a structured product ,100% capital guaranteed

at maturity, which allows the investor to benefit from the maximum between the entire increase of an underlying and a high Digital Bonus if the underlying closes at or above its initial level on the final observation day.
Mechanism
At maturity
If the underlying closes at or above its initial level on the final observation date, the investor receives the maximum between
100% of the capital invested + Digital Bonus
100% of the capital invested + 100% of the performance of the underlying
If the underlying closes below its initial level on the final observation date, the investor receives
100% of the capital invested
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Digital Plus Advantages The investor can benefit from the entire positive

Digital Plus

Advantages
The investor can benefit from the entire positive performance of

the underlying
A high Digital bonus is guaranteed if the underlying closes at or above its initial level on the final observation date
The capital is 100% guaranteed at maturity
Disadvantages
The capital is 100% guaranteed only at maturity
Structure
Buy a zero coupon bond
Buy a Digital Option
Buy a Call ‘Out of the money’
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Example of Digital Plus Maturity 2years Participation 100% of the increase

Example of Digital Plus

Maturity 2years Participation 100% of the increase of underlying
Digital

Bonus Level 120% Capital 100% Guaranteed
Example 1: Underlying Performance
The basket closes at 125% on the final observation date
The investor receives at maturity 125% of the capital invested
Example 2: Digital Bonus
The basket closes at 110% on the final observation date i.e. above its initial level but below the digital bonus level
The investor receives the digital bonus i.e. 120% of the capital invested
Example 3: Capital Guarantee
The basket closes at 90% on the final observation date i.e. below its intial level
The investor receives 100% of the capital invested
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Lock-in Accumulator A lock-in Accumulator is a structured product, 100% capital

Lock-in Accumulator

A lock-in Accumulator is a structured product, 100% capital guaranteed

, which allows the investor to benefit from participation in the increase of underlying- periodically capped until a pre-defined level. This product offers a mechanism to set up to lock the accumulated performances when one or several levels of performance are reached.
Mechanism
The investor participated in the evolution of the underlying by accumulating positive and negative performances period by period
The performance observed at the end of each period are capped on the upside but not floored on the downside
A lock-in mechanism of accumulated performance at one or several pre-defined levels (lock-in levels) is ensured
The investor benefits at maturity from the maximum between
100% of the capital invested plus the maximum lock-in level reached during the life of the product
100% of the capital invested plus sum of the accumulated performances capped on the upside and not floored on the downside
100% of the capital invested
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Lock-in Accumulator Advantages The capital is 100% guaranteed at maturity The

Lock-in Accumulator

Advantages
The capital is 100% guaranteed at maturity
The investor can benefit

from a high return
The investor benefits from 100% of the increase of the underlying until a certain level each period
A lock-in mechanism of performance is offered
As soon as the sum of calculated profits and losses reaches a predefined lock-in level, this level of performance then becomes secured and is guaranteed at maturity
Disadvantages
The capital is only guaranteed at maturity
The performances each period are not floored on the downside but capped on the upside
Structure
Buy a zero coupon bond
Buy a strip of call spread 100% /100% +Cap
Sell a strip of Put 100%
Buy a Put plus one or several options ‘Lock-in” on the performances generated by the strips of Call Spread and Put
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Example of Lock-in Accumulator Maturity 18 months Observations : Monthly Monthly

Example of Lock-in Accumulator

Maturity 18 months
Observations : Monthly
Monthly Cap on Upside

: 2.4%
Lock-in levels : 10% & 20%
(Once a lock-in level has been reached a floor of performance is guaranteed at maturity)
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Example of Lock-in Accumulator

Example of Lock-in Accumulator

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Example of Lock-in Accumulator Redemption at Maturity The investor benefits from

Example of Lock-in Accumulator

Redemption at Maturity
The investor benefits from the maximum

between
100% of capital invested + Lock-in level reached during the life of the product i.e.100%+20%
100% of capital invested + the sum of accumulated monthly performances capped on the upside and not floored on the downside i.e. 126.8%
100% of the capital invested
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Delta One Certificate A Delta One Certificate I a structured product

Delta One Certificate

A Delta One Certificate I a structured product which

allows the investor to be exposed to 100% of the performance of an underlying (positive or negative)
Mechanism
At Maturity
If the underlying closes at or above its initial level on the final observation date, the investor receives 100% of the capital invested + 100% of the positive performance of the underlying
If the underlying closes below its initial level on the final observation date, the investor receives 100% of the capital invested reduced by the negative performance of the underlying (physical delivery or cash settlement) (Loss in capital scenario)
Advantages
The product reflects at anytime the performance of the underlying
Disadvantages
The capital is not guaranteed
If the underlying closes below its initial level on the final observation day, the investor is subject to a loss in capital equivalent to the one associated with the underlying
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Example of Delta One Certificate Example 1: Increase of Underlying The

Example of Delta One Certificate

Example 1: Increase of Underlying
The basket closes

at 120% on the final observation date i.e. above its initial level
The investor receives at maturity 100% of the capital invested + 100% of the performance of the underlying i.e. 120% of the capital invested
Example 2: Decrease in the Underlying
The basket closes at 90% on the final observation date i.e. below its initial level
The investor receives 90% of the capital invested
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Outperformer An outperformer is a structured product which allows the investor

Outperformer

An outperformer is a structured product which allows the investor to

benefit from a high level of participation in the rise of the underlying while being only exposed to 100% of the decrease
Mechanism
IF the underlying closes above its initial level on the final observation date, the investor receives
100% + x% of the positive performance of he underlying ( x% being the participation in the rise of the underlying)
IF the underlying closes below its initial level on the final observation date, the investor receives
100% of the capital invested minus the negative performance of the underlying (physical or cash delivery) ( Loss in capital scenario)
Advantages
The product offers strong participation in the upside without any upside limit
The product is very sensitive to the evolution of the underlying on the secondary market
Disadvantages
The capital is not guaranteed
If the underlying closes below its initial level on the final observation day, the investor is subject to a loss in capital equivalent to the one associated with the underlying
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Outperformer Structure Buy a Call Zero (in order to arbitrate the

Outperformer

Structure
Buy a Call Zero (in order to arbitrate the dividends)
Buy x%

of a Call At The Money
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Example of Outperformer Underlying XYZ Stock Maturity : 12 months Capital

Example of Outperformer

Underlying XYZ Stock Maturity : 12 months Capital : Not Guaranteed
Participation 130% of

the increase of the underlying
100% of the decrease of the underlying
Capital Not Guaranteed
Example 1: Increase of Underlying on the final observation date
If the underlying has increased ( from 100 to 120 for example), the investor receives at maturity
100% of the capital invested + 130% of the performance of the underlying
i.e. 100% +(130% *20%)=126% of the capital invested
Example 2: Decrease of Underlying on the final observation date
If the underlying has increased ( from 100 to 80 for example), the investor receives at maturity
A number n of stocks paid at their initial level
In our example, if the stocks are immediately sold, the loss is less than 20%
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Sprint A sprint is is a structured product which allows the

Sprint

A sprint is is a structured product which allows the investor

to benefit from a very high leveraged participation in the rise of the underlying capped on the upside, while being only exposed to 100% of the decrease
Mechanism
IF the underlying closes above its initial level but below the Target on the final observation date, the investor receives
100% + 200% of the positive performance of he underlying
IF the underlying at or above the Target the final observation date, the investor receives
The Maximum Redemption (200%*Targeted Performance)
IF the underlying closes below its initial level on the final observation date, the investor receives
100% of the capital invested minus the negative performance of the underlying (physical or cash delivery) ( Loss in capital scenario)
Advantages
The product offers strong leveraged participation in the upside
The investor benefits from an improved return when anticipated a moderate increase of the underlying
Disadvantages
The capital is not guaranteed
If the underlying closes below its initial level on the final observation day, the investor is subject to a loss in capital equivalent to the one associated with the underlying
The performance is capped above predefined level
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Sprint Structure Buy a Call Zero ( In order to arbitrate

Sprint

Structure
Buy a Call Zero ( In order to arbitrate the dividends)
Buy

100% of a call At The Money
Sell 2 Calls Out of The money ‘Strike Target’
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Example of Sprint Underlying XYZ Stock Maturity : 12 months Capital

Example of Sprint

Underlying XYZ Stock Maturity : 12 months Capital : Not Guaranteed
Participation 200% of

the increase of the underlying upto the Target
100% of the decrease of the underlying
Target 115% Max Redemption 130%
Capital Not Guaranteed
Example 1: Increase of Underlying on the final observation date
If the underlying closes at or above its initla level but below the Target( say 110%), the investor receives at maturity
100% + 200% of the positive performance of the underlying
i.e. 100% +200%*10%=120%
Example 1: Increase of Underlying on the final observation date
Example 2: Increase of Underlying beyond the Target on the final observation date
If the underlying closes at or above its initla level but below the Target( say 115%), the investor receives at maturity
The Maximum Redemption i.e.130% of the capital invested
Example 3: Decrease of Underlying on the final observation date
If the underlying has decreased ( from 100 to 80 for example), the investor receives at maturity
A number n of stocks paid at their initial level
In our example, if the stocks are immediately sold, the loss is less than 20%
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Best of / Worst of A Best Of/ Worst Of is

Best of / Worst of

A Best Of/ Worst Of is a

structured product which allows the investor to benefit from the increase of the Best Performance Underlying of a basket with leverage if the Worst Performing Underlying closes at or above its initial level on the final observation date.
Mechanism
On the final observation date, if the Worst Performing Underlying of the basket closes at or above its initial level, the investor receives
100% + x% of the Best Performing Underlying (x% being the participation in the increase of this underlying)
On the final observation date, if the Worst Performing Underlying of the basket closes strictly below its initial level the the investor receives 100% of the capital invested reduced by the negative performance of the Worst Performing Underlying (Loss of Capital Scenario)
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Best of / Worst of Advantages The investor benefits from a

Best of / Worst of

Advantages
The investor benefits from a high leveraged

participation in the increase of the Best Performing Underlying if the condition if fulfilled
Disadvantages
The capital is not guaranteed
The condition to benefit from the leverage is applied on the Worst Performing Underlying. Therefore a high return is possible only if all underlyings close at or above their initial levels. If the Worst Performing Underlying closes below is initial level on the final observation date, the investor is subject to a loss in capital equivalent to the one associated with the underlying.
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Example of Best Of/Worst Of Underlying: ABC Stock and XYZ Stock

Example of Best Of/Worst Of

Underlying: ABC Stock and XYZ Stock
Maturity :

12months
Participation : 200% of the increase of the Best Performing Stock
Example 1 : Participation in increase
If ABC stock closes at 120% and XYZ at 105% on the final observation date. Then, the investor receives
100% of capital invested+200%of increase of ABC Stock
i.e. 100%+200%*20%=140% of the capital invested
Example 2 : Loss in Capital
If ABC stock closes at 105% and XYZ at 95% on the final observation date. Then, the investor receives
N number of XYZ stocks paid at their initial level ( in the example, if the stocks are immediately sold, the loss is less than 5%)
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Callable Corridor A Callable Corridor is a structured product , 100%

Callable Corridor

A Callable Corridor is a structured product , 100% capital

protected at maturity, which allows the investor to accumulate a bonus every day where the underlying has remained within a predefined range.
The product can be early redeemed by the issuer at its sole discretion at 100% +accrued bonus
Mechanism
At the end of each period, we observe the number of days where the underlying has remained within the predefined range to calculate the bonus for that period.
Advantages
The capital is 100% guaranteed at maturity
The investor can benefit from a high return
Even if the underlying exitsthe range, the mechanism of bonus payment does not deactivate. The investor receives on each payment date a bonus weighted according to the number of days where the underlying remains within the predefined ranges
Disadvantages
The return can be lower than a classical monetary deposit if the underlying reamins within the predefined ranges for an insufficient amount of time.
The product may be redeemed by the issuer in the case of a favourable evolution of the underlying (Callable Effect)
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Callable Corridor Structure Buy a strip of daily binary European Options

Callable Corridor

Structure
Buy a strip of daily binary European Options
Buy a zero

coupon
Sella Bermudan Call on the structure
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Example of Callable Corridor Currency USD Maturity 6years Bonus A maximum

Example of Callable Corridor

Currency USD Maturity 6years
Bonus A maximum quarterly bonus of 6.5% annualised
Underlying 6

month USD LIBOR
Bonus Payment Quarterly
Ranges Year 1: 0%-5.5% Year 4: 0%-5.75%
Year 2: 0%-5.5% Year 5: 0%-6%
Year 3: 0%-5.75% Year 6: 0%-6%
Redemption Scenarios
At the end of each quarter, we observe the number of days where the underlying has remained strictly within the predefined ranges
The underlying has remained strictly remianed within the ranges during the entire reference period, the investor receives a 6.5% annualised bonus, paid quarterly
The underlying has not remianed strictly within the ranges during the entire reference period
The investor receives a 6.5% annualised bonus weighted according to the number of days where the underlying has remianed within the range
Suppose the number of days within the range is 60, the payout will be
6.5%*(60/90)*(90/360) i.e 1.08% of the capital invested for that quarter.
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Hw to Create Your Own Structured Product Strategy A1 Using Fixed

Hw to Create Your Own Structured Product

Strategy A1
Using Fixed Deposits and

Equity
Strategy A2
Using Fixed Deposits and Options
Strategy B
Using Fixed Income products like SCSS and Postal Savings Products with Equity
Strategy C
Using derivative models like bull call spread
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Strategy A1

Strategy A1

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Strategy A2

Strategy A2

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Strategy B

Strategy B

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Strategy C

Strategy C

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Strategy C Maximum Loss = Difference in the premium of Long

Strategy C

Maximum Loss
= Difference in the premium of Long and

Short Call
=415-195
=220
Maximum Gain
= Difference between strike price and the net premium outgo
=(6900-6200)-(415-195)
=480
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Strategy C

Strategy C

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Strategy C

Strategy C

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Strategy C Maximum Loss = Difference in the premium of Long

Strategy C

Maximum Loss
= Difference in the premium of Long and

Short Call
=415-195
=220
Maximum Gain
= Difference between strike price and the net premium outgo
=(6900-6200)-(415-195)
=480
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Risk in Structured Products Issuers Credit Risk Market Risk : The

Risk in Structured Products

Issuers Credit Risk
Market Risk : The value

of investment changes with the movement of interest rates and volatilities
Liquidity Risk : Premature withdrawal is on best effort basis
Premature redemption risk : The is no capital guarantee if there is a withdrawal before maturity
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Distribution Platforms in India PMS : FMP/Insurance Direct Distribution Issuers are

Distribution Platforms in India

PMS :
FMP/Insurance
Direct Distribution
Issuers are NBFC’s
Platform providers are MF’s,

PMS providers, insurance companies
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