This week's wrap covers structured products with strike dates between June 10-16, 2018. Structures reviewed include a life insurance linked to a gender diversity index distributed via the Belgian Post office, a memory coupon note from Morgan Stanley in France and a fund-linked note from Credit Suisse in Sweden. In Canada, BMO is tracking a Reits ETF, Barclays and Morgan Stanley collaborated in the US while Societe Generale acted as the issuing party for a number of products in Taiwan.

EUROPE
Sixty-eight structured products distributed across 10 different jurisdictions struck in Europe during the week.

AG Insurance introduced Post Optima Women Leadership in Belgium, a capital protected product distributed via BPost Bank (and its network of post offices) which participates 75% in the upside performance of the iStoxx Global Women Leadership Select 30 Index. The product is available as Class 23 life insurance and sold €6.7m during its subscription period. Investors have exposure of 100% of the net invested premium via a medium-term note issued by BNP Paribas Fortis. An annual management charge of maximum 1.5% applies.

Morgan Stanley issued Top Industrie Coupon in France. The seven-year medium-term note, which is accessible via a life insurance contract, pays an annual (memory) coupon of 3.5% providing the Euronext Top 30 France Germany Industrials EW Decrement 5% Index is at or above its initial level on the observation date. The securities, which offer a minimum capital return of 85%, are listed in Luxembourg and - providing the product is held until maturity - a total costs of 1.39% applies.

Strukturinvest partnered with Credit Suisse for the launch of 1796 Fondobligation Frontier Markets in Sweden, a six-year, capital protected note participates 110% in the positive performance of HSBC Global Investment Funds Frontier Markets, subject to 12 month backend averaging. The investment return and repayment of the nominal amount is adjusted for changes in the USD/SEK exchange rate. A brokerage fee of 3% applies.

In the UK, Investec launched the FTSE/Stoxx Minimum Return Deposit Plan which can also be subscribed to by Isle of Man residents for the purpose of offshore investment. The plan pays a fixed coupon of 2% p.a. throughout the five-year investment term plus an additional 3% return at maturity if both the FTSE 100 and Eurostoxx 50 are higher than 90% of their starting levels on June 12, 2023. The product can be entered either as a direct investment (not via an Isa) or via trustee and corporate investments.

NORTH AMERICA
Sixty-five products, split between Canada (10) and the US (55), had strike dates in North America.

Bank of Montreal launched series 790 of its Reits Autocallable Principal at Risk Notes in Canada. The securities offer the potential for a variable return while providing contingent protection against a moderate decrease in the price of the units of the BMO Equal Weight Reits Index ETF over the five-year investment term. The ETF replicates the performance of the Solactive Equal Weight Canada Reit Index. The minimum investment is C$2,000 and a selling concession of 2.50% applies.

UBS issued Trigger Phoenix Autocallable Optimisation Securities in the US. The one-year registered notes pay a quarterly coupon of 9.67% p.a. providing the share of Royal Caribbean Cruise Lines does not close below 80% of its initial level on the observation date. The product sold US$800,000 and the estimated initial value of the securities as of the trade date is US$9.68. An underwriting compensation of 1.5% applies.

Also in the US, Barclays collaborated with Morgan Stanley Wealth Management for the launch of the Contingent Income Autocallable Securities (06746XF32). The 2.5-year securities are linked to the Eurostoxx Banks, Russell 2000 and S&P 500 and pay a quarterly coupon of 7% p.a. providing the worst performing index is at or above 60% of its initial level on the observation date. Financial advisors will receive a fixed sales commission from Barclays of US17.50 for each US$1,000 security they sell. The estimated value of the securities is expected to be between US$949.60 and $969.60.

MIDDLE EAST & AFRICA
Standard Bank issued the Protected Index Top 40 Note in South Africa. The capital protected product participates 103% in the rise of the FTSE/JSE Africa Top 40. The index consists of the largest 40 companies ranked by investable market value in the FTSE/JSE All-Share Index.

ASIA PACIFIC
Seventy-two structured products struck in the Asia Pacific region during the week. The products were split across two databases: Japan (12) and Taiwan (60).

Okasan Securities is distributing EB M20181210 in Japan. The six-month reverse convertible is linked to the share of Shiseido and pays a fixed coupon of 6.25% p.a. The bond of the note is issued by Kommuninvest i Sverige. JP Morgan Securities acts as the derivatives counterparty.

Cathay Securities Investment Trust is marketing the Autocallable Note 037001003535 in Taiwan. The unlisted registered notes, which are issued via Societe Generale, are linked to a basket comprising four exchange-traded funds: Financial Select Sector Fund, SPDR S&P Oil & Gas Explorateion & Production ETF and United States Oil Fund.

Also in Taiwan, Bank SinoPac launched a six-month Memory Autocallable Note 037001003528 linked to a basket comprising the shares of Merck, Under Armour and Verizon. The product is denominated in US dollar and is targeted at private banking investors. Societe Generale is the bond provider.