Credit 2: Investors find coupons of 5 to 6% very attractive in the current environment

In the second of three articles on credit linked structured products, SRP looks at the Swiss market and the Nordics. In Switzerland, Vontobel has been the most active local issuer of credit-linked notes (CLNs) between 2014 and 2016, increasing its issuance of CLNs from 14 credit-linked products in 2014 to 39 products last year. However, across all Swiss distributors, issuance of CLNs fell by 75% year-on-year to just 72 products in 2016, according to SRP data. "There is a lower demand for CLNs