The recent increases in interest rates have triggered a return to capital protected structures but has also allowed issuers to offer extra protection on autocall products with lower barriers.

Structured products traditionally divide into capital protected and capital at risk offerings. The key difference between these two categories is that capital protected products will return the investor’s initial capital in all circumstances irrespective of the performance of the underlying assets to which it is linked. For structured products the term capital protected is not generally taken to mean that there is no associated credit risk. Since most structured products are issued by inv

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