This week's wrap covers best performing products across markets year to date. Products reviewed include a diversified pool of payoff profiles including credit default notes, bull bear, protected trackers and floater notes linked to a number of underlyings including the S&P 500 index, the iTraxx Crossover Europe S18, baskets of shares and tracker funds such as the BMO Laddered Preferred Share Index ETF, sold in Europe, Asia-Pacific, North America and globally.

EUROPE
Nordic banks and structured products distributors including SEB, Swedbank, SIP Nordic and Garantum Fondkomission are behind the top five best performing products in Europe so far this year with hefty return ranging from 27.6% to 16%.

The best performing structure over this period was SEB's Kreditindexbevis Infrastruktur Hävstång SEBK1326, a four and half year growth product linked to the performance of iTraxx Crossover Europe S18 and a share basket comprising (Skanska, Vinci, Bouygues, Hochtief and Ferrovial). This credit default/uncapped call note was fully protected and promised to pay 200% of the rise in the share basket at maturity if no credit events had occurred in the underlying index. This product which sold SEK46.2m, matured on January 15 delivering a 27.6% payout.

The second and third best performing products in Europe year to date were marketed by Swedbank.

Aktiebevis Svenska Favoriter, a one-year growth capped call/ protected tracker play linked to the performance of an equally weighted basket comprising of Stora Enso, SKF, Volvo, Hennes & Mauritz, SEB, Swedish Orphan Biovitrum, Hexagon and Electrolux. This fully protected structure promised to pay 200% of the rise in the basket, capped at 12%. This structured note matured on February 5 returning 22.75%.

Swedbank also delivered to investors 19.84% with credit-linked note (CLN) pegged to Nokia. Kreditbevis Nokia, a fully protected income credit default / floater structure paid a quarterly coupon equal to 3-moth Stibor plus 7.35%, as during the investment period, the underlying remained solvent.

NORTH AMERICA
Across the pond, S&P 500-linked structures dominated the best performing products ranking with returns ranging from 26.04% to 22.13%.

Morgan Stanley's Performance Leveraged Upside Securities - S&P 500 (06744M778) delivered 26.04% at maturity. The 1.2-year capital at risk growth capped call/ enhanced tracker linked to the S&P 500 promised to pay 300% participation of the rise in the index over the investment period, subject to a maximum overall return of 113.60%. This structure include arithmetic averaging of the closing level of the underlying on each of the final ten days before maturity.

Canadian bank BMO was behind three of the best performing products in North America, all of which were sold in the US market. The bank's Contingent Risk Absolute Return Notes - S&P500 (06366R7C3), a 75% soft protected bull bear growth product linked to the S&P500, promised to pay 100% of the rise in the underlying at maturity. This product returned 25.2% after two years. The Canadian bank also returned 24.2% at maturity with its Contingent Risk Absolute Return Notes - S&P500 (06366R7F6). This two-year 76% soft-protected bull bear note matured on January 22.

Also in the US market, JP Morgan's Dual Directional Capped Knock-Out Notes - S&P 500 (22548QSR7) delivered 23.7% after one year. This soft-protected bull bear/ capped call growth product linked to the S&P 500 offered 100% of the rise in the underlying over the investment period, subject to a maximum overall return of 106%.

BMO also issued the best performing product in Canada year to date with a note linked to one of its exchange traded funds (ETFs). The Preferred Share Autocallable Principal At Risk Notes S414 (CAD) (F-Class), a seven-month growth knock out/ protected tracker linked to the BMO Laddered Preferred Share Index ETF, promised to redeem early if the level of the underlying was equal to or higher than its strike level, at any of the annual observation dates, paying out 100% capital return, plus a fixed amount, plus 5% of the rise in the underlying. This product matured on its first anniversary in January 18 and returned 23.7%.

ASIA PACIFIC
In the Asia-Pacific region, investors on South Korea's Hana Daetoo Securities' Hana Daetoo ELS 6726 received a 39.5% return after one year. This equity linked security which sold an estimated US$9m was a private placement linked to the Hang Seng China Enterprises Index. Hana Daetoo Securities' products was also the fifth best performing product globally.

In Thailand, Phatra Securities' SN linked to Siam Global House (560) delivered 29.7% after two months of investment. This reverse convertible linked to the Siam Global House share was also a private placement.

Also in South Korea, Mirae Asset Daewoo Securities returned 28.5% to investors in its Mirae Asset Daewoo ELS 21965, a three-month growth product linked to the performance of two shares (NVIDIA and Netflix). This ELS combined a number of payoff types including knock out, protected tracker, uncapped call, and worst of option, matured in its first observation date.

ALL DATABASES

The best performing products across markets were marketed in Mexico by BBVA Bancomer and Monex with returns ranging from 70.9% to 41%. These were all dual currency notes linked to the US dollar and Mexican peso.