During the last 12 months, structured products linked to the USD/BRL exchange rate in Brazil have provided an average return of 10.45% with a six months average term. Sixty percent of the products provided an average performance higher than 10%, compared with the Brazilian sovereign funding of 9.79%. "As the Brazilian market still has a high interest rate we are selling USD/BRL structures that [enable] our client [to] go long [on the] interest rate and short USD/BRL," said Simon Peled, head of

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