Three years ago, the Financial Products team launched its first Marex structured product on Borsa Italiana — a Phoenix Memory Autocall on a worst-of basket comprising the shares of Novartis, Roche and Sanofi.

Last month (21 March), the  product redeemed at par, delivering a 32.4% yield to investors after three years. Novartis – 5-year performance (CHF) Source: Google Finance The barrier reverse convertible autocall structure promised to pay a 10.80% quarterly coupon if on any observation date the level of the worst performing underlying was at or above a predefined level. The product which with also offered downside protection of up to -40% featured a ‘memory effect’ whic