Since their Covid-induced collapse in March 2020, the financial markets have shown a consistent upward trend, which is reflected in the performance of shares and indices that are used as underlying for structured products.

Take for example the Eurostoxx 50, which was used across Europe as a single underlying in 728 autocallables that struck between 1 March and 20 July 2021, according to SRP data. The index has steadily increased since mid-March 2020 and except for one or two structures, all of those products have had their knockout triggered at the first valuation date, paying coupons of up to 10% pa. The products included offerings from, among others, Deka Bank ( 193 ), Landesbank Baden-Württemberg ( 157 ),

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