This week's wrap covers structured products with strike dates between August 19-25, 2018. Capital protection was on offer across Europe with products of Societe Generale  in France, BNP Paribas in Belgium, Santander in Spain and Raiffeisen in Poland guaranteeing between 90 and 110% of the nominal invested at maturity. In the US, TIAA Bank distributed a fully protected deposit linked to precious metals while a note from HSBC Bank in China promises to return at least 100%, regardless of the performance of the underlying CSI 300 ETF.

EUROPE

Ninety-nine structured products distributed across 11 different markets struck in Europe this week.

Predictis, a life-savings broker which offers wealth management solutions to individuals and non-salaried workers, is distributing Altitude Août 2018 in France. The 10-year, life-wrapped product is linked to the SBF Top 80 EW Decrement 50 Points and protects minimum 90% of the nominal invested at maturity. The product is issued via SG Issuer and is listed on the Luxembourg Stock Exchange for an amount of €30m.

BPost Bank launched Autocall World Deep Value 2026 in Belgium. The eight-year, fully capital protected medium-term note is issued via the BNP Paribas Issuance vehicle and - if not redeemed early - participates 100% in the positive performance of the Solactive Deep Value World MV PR Index which tracks 50 liquid international companies selected through a deep value, expected dividend yield and low volatility methodology. A maximum annual amount of 0.4% (including taxes) is represented by commissions payable to BPost Bank.

Novo Banco dos Açores introduced NBA Grandes Empresas in Portugal. The two-year structured deposit pays a 2% coupon if the shares of AT&T, Estee Lauder, LVMH and Walt Disney are at or above their strike level on August 24, 2020. Otherwise a coupon of 0.2% is paid.

In Spain, Banco Santander issued Nota Garantizada Cupón Internacional XV a five-year capital protected note linked to a basket comprising the shares of Eon, Eni, Orange and Vodafone. The product pays a fixed annual coupon of 1.75% if all shares are at or above their initial levels on the observation date. An initial commission of 0.50% of the nominal amount applies while throughout the investment a recurring distribution fee of 0.20% is payable by the issuer.

Raiffeisen Polbank is marketing the US dollar denominated Global Bond in Poland. The five-year product, which is also available via Dom Maklerski Raiffeisen Bank Polska, is linked to the Stoxx Global Select Dividend 100. At maturity the securities offer a minimum capital return of 110%. The bond is provided by Raiffeisen Centrobank.

NORTH AMERICA

Thirty-five structured products, split between Canada (16) and the US (19), had strike dates in North America.

Bank of Montreal launched the Autocallable Income Principal Protected Deposit Notes in Canada. The 10-year securities pay an annual coupon of 3.85% providing the underlying BMO Canadian Dividend Growers Index is at or above 90% of its initial level on the valuation date. A fee of 1.15% of the subscription price per deposit note will be paid to the selling agent, BMO Nesbitt Burns.

Citigroup Global Markets issued Callable Contingent Coupon Securities in the US. The product pays a quarterly coupon of 9.60% p.a. providing the DJ Industrial Average Index, MSCI Emerging Markets and Russell 2000 close at or above their initial levels on the observation date. An underwriting fee of US$7.50 applies and the estimated value on the pricing date will be at least US$952 per security.

Also in the US, Jacksonville based TIAA Bank, which provides banking, mortgages and investing services, is distributing Strategic Metals MarketSafe CD. The four-year certificate of deposit offers exposure to an equally weighted commodity basket comprising aluminium, copper, gold and silver.

ASIA PACIFIC

Two hundred and seventy structured products struck in the Asia-Pacific region during the week. The products were split across four databases: China (seven), Japan (10), South Korea (218) and Taiwan (35).

HSBC issued CNY Note S63 in China. The two-year wealth management scheme participates 150% in the average performance of the China AMC CSI 300 Index ETF. At maturity the product offers minimum 100% capital return.

In Japan, Meiwa Securities collaborated with Credit Suisse for the launch of the autocallable M20200824. The product pays a fixed coupon of 7.12% p.a. and will be redeemed early if the shares of Dai-ichi Life Insurance, NSK and Softbank are at or above their initial level on any quarterly observation date.

NH Investment & Securities is distributing NH DLB 1194 among private banking investors in South Korea. The two-year product, which sold KRW1.58bn (US$1.41m) during the subscription period, is linked to GAM Star Credit Opportunities EUR fund which invests in income bearing or accruing securities with fixed principal amounts including government bonds, corporate bonds, junior debt securities, preferred shares, convertible securities and contingent capital notes.

BNP Paribas teamed up with DBS Bank in Taiwan for the 12-month Autocallable Note 082001132107. The US dollar denominated product is linked to the shares of Facebook and FedEx and targeted at high net worth individuals.