FX underliers have gained traction among private placements while index-linked products fall back.

Japan’s structured Uridashi notes, also locally known as complex structured bonds with an autocallable payoff, recorded a continuous decline in sales for the second half of 2024 amid a tightened regulatory environment, according to a report from the Japan Securities Dealers Association (JSDA) released on 28 February.   Total sales of the autocallable notes – through both public distribution and private placement channels – dropped 19% year-on-year (YoY) to