This week's wrap covers products with strike dates between April 1-7, 2018. Structures reviewed include a Norwegian krone-denominated note from Natixis in Belgium, a sprinter from Commerzbank linked to four ETFs in Sweden, and offers from Goldman Sachs in France and the US. In South Africa, Standard Bank focused on resources while Sequoia, an Australian asset manager, targeted global investment funds.

EUROPE
One hundred and ninety-eight structured products distributed across 10 different jurisdictions struck in Europe during the week.

Nagelmackers collaborated with Natixis in Belgium for the launch of Euronext Climate Orientation Priority 50 Autocallable Note. The medium-term note is denominated in Norwegian krone and is linked to the Euronext Climate Orientation Priority 50, an excess return index with synthetic dividend which takes its investment universe from the 200 companies in the Euronext Climate Europe Index. The product sold NOK40.7m (€4.2m) during the subscription period.

Kepler Cheuvreux Solutions partnered with Goldman Sachs to launch a reverse convertible autocallable note in France. The 10-year MTN, which is available via a life insurance contract, pays a fixed coupon of 2.7% pa. At maturity, the product offers 100% capital return providing the underlying Solactive Eurozone 50 Equal Weight Index-NTR Index closes above 60% of its initial level on April 6, 2028. The issue price of 100% of the aggregate nominal amount includes a selling commission of up to 3.8%, paid by Goldman, the issuer.

In the Netherlands, Wilgenhaege Capital Markets is distributing Triple G 7%. The note is linked to the shares of Aegon and Unilever and pays a fixed annual coupon of 7% during the first three years of investment. BNP Paribas, the issuer, charges a one-off management fee of 2%, which is included in the issue price. Wilgenhaege charges a one-off development and brokerage fee of 4% for developing, marketing and distributing the product.

Garantum Fondkommission introduced Sprinter Asien Smart Bonus x2 in Sweden. Commerzbank is the issuer of the product which is linked to an equally weighted basket of four exchange-traded funds: iShares FTSE A50 China Index ETF (HKD), iShares MSCI India ETF and iShares MSCI Indonesia. The securities are distributed via financial advisers and a commission of 2.5% applies.

NORTH AMERICA
Eight structured products struck in North America during the period.

Scura Paley Securities, a US broker-dealer, is offering leveraged buffered notes linked to the Eurostoxx 50. The unlisted registered notes, which sold US$487,000 at inception, are issued via GS Finance and guaranteed by Goldman Sachs. At maturity, if the Eurostoxx 50 does not fall by more than 15% from its initial level, the product offers 100% capital return plus the greater of 0% and 175% of the rise in the index. An underwriting discount of 0.725% applies and the estimated initial value is set at approximately $957 per $1,000 face amount.

LATIN AMERICA
There were no structured products striking in the Latam region this week.

MIDDLE EAST & AFRICA
Fifty structured products had a strike date in the Mea region this week. They were all targeted at investors in South Africa.

Standard Bank issued the Capped Protected Index Resi 10. The three-year notes offer minimum 90% capital return plus 100% participation in the rise of the FTSE/JSE Resources 10 Index, capped at an overall maximum return of 165%. The index consists of the 10 largest companies ranked by investable market capitalisation in the South African resources sector, defined as the combination of the oil and gas and basic materials industries.

ASIA PACIFIC
Seventy-seven structured products struck in the Apac region during the week. The products where split across two databases: South Korea (71 products), Japan (five) and Australia (one).

Sequoia Asset Management launched deferred purchase agreement series 37 linked to an equally-weighted reference basket of five global investment funds in Australia. The capital protected product has the potential for four uncapped performance coupons, payable annually, depending on the performance of the strategy value, as increased by a multiplier of 110%. The basket has a target volatility of 2%. Sequoia Specialists Investments is the issuer and Sequoia Nominees acts as the custodian and security trustee.

SBI Securities is distributing Digital M20200406 in Japan. The two-year product is linked to the performance of the Nikkei 225 Leveraged Index ETF and offers a fixed coupon of 11.5% pa for the first month of investment. At maturity, if the underlying has never traded below 60% of its starting level, the product offers 100% capital return. Otherwise, it will be redeemed by outstanding ETF units instead. The securities sold JPY500m ($4.6m). Deutsche Bank is the issuer.

Korea Investment & Securities issued True ELS 10147 in South Korea. The return for the equity-linked securities depends on the performance of a basket comprising Eurostoxx 50, Hang Seng China Enterprises and Kospi 200. The securities offer a fixed coupon of 0.525% at the end of each month providing the level of the worst performing index is at or above 60% of its initial level.