The wealth management (WM) arm of Industrial Bank in China has closed its first structured product featuring a snowball payoff, which continues to gain traction in the country.

With an issuance amount of CNY69.7m (US$11m), the public offering with a one-year tenor tracks the performance of the CSI 500 index through an up-and-out option where the premium is capped at five percent of the total assets. The product struck on 15 February and has the first valuation date in three months.  The autocallable product (兴银理财兴动多策略封闭式1号增强型固收类理财产品), which features the net-asset-value (NAV) model as required by financial regulators, will deliver a return of 5.35% pa if the CSI 5

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