Earn a lot

The bride in Gogol’s “Marriage” dream was to “let his lips Nikanor Ivanovich put to the nose of Ivan Kuzmich,” that investors have always wanted to have a tool that would yaky revenues, share, and reliable as bond. The dream came true when the case took financial alchemists. They resorted to the help of derivatives, conjured a structural product that allows you to achieve any ratio of “risk – profitability.” But most investors liked the option of a guaranteed return on the initial investment – structured product with capital protection. Especially attractive was the hybrid this year, after the crisis of 2008 and in view of sluggish growth in the stock markets. For the last 12 months, from October 2011, the MICEX index rose by less than 4%. This client does not fetch a profit. It is not surprising that today, structured products offer 13 of the 20 largest Russian management companies. There are some in the arsenal of banks. He is the eternal desire of investors to make a lot, nothing to lose, finally realized?

Himself GLOBE

How much you can earn, not known in advance: the profitability of the product tied to the dynamics of a certain asset – stocks, index, currency or commodity. Investor wins if he was able to guess how it changed quotes. But if the forecast was not justified, the investor goes to zero. The simplest structural product is constructed as follows: the amount of investments is divided into two parts – protective

(large) and risk (lower). The first is located on a bank deposit or bonds so that by the end of the term of the product in the long run turned out to be an amount equal to the initial investment. This ensures the protection of the initial funds.

The second part of the investments allocated for the purchase of an option on the dynamics of a particular asset. If the underlying asset is not there an option simply not enforced. Losses on it is limited premium paid for it. If the price of the asset changed in the right direction, the option is activated and generates income yaky sometimes several times higher than the amount spent on its purchase. However, customers of these “times” will not get: due to the fact that income is distributed to the entire amount of investment (including the one that is on deposit), it turns out that the investor catches only a part of the movement of an asset. It is called the participation rate. When you are going buy structured product, you will report this ratio to present the results. So, you Invest $ 100 in Structured Products RTS Index for the period of one year and a participation rate of 45%. If in one year the index will fall, return your $ 100. But if it will rise, you still get 45% revenue growth from the index.

In recent years, more and more investors are interested in structured products: anyone heard of them, someone who has experience of investing, says the head of department of development of products and services of the Criminal Code “Alfa Capital” Vadim Pogosyan. “Statistics on sales of these products in Russia is not, but experts put the number at about 2-3 billion dollars a year,” – he continues. Nevertheless, while structured products sell more than buy. “We need a well-trained counselors who can explain all the details of the buyer. In this segment, namely the sale – the engine of progress “, – says head of investment management and analytical support of IFC” Solid “Michael Koroljuk. His company began to offer structured products from this year.

But no matter how it may seem magical structural product, the laws of the market in a direct relationship between risk and return has not been canceled. Once structural product along with capital protection offers improved yields, then the risk increases, it just took some other form than the risk of capital loss.

Side effects

Investment, which in terms of inflation brought no income, are unprofitable. Therefore, if the structural product is not successful, the investor will regain its original amount at par. In real terms it will lose. There is loss of benefit of an alternative investment: the investor can put money in a bank deposit and earn a guaranteed interest.

Due to the fact that the structural product is created for a certain period, the risk of liquidity. If an investor decides to redeem the product early (although it may be stipulated in the contract), he is not entitled to the return of the entire deposited amount: guarantee capital protection is only activated at the time of maturity of the product.

The complex architecture of the structure of the product can fly a lot of money to the customer. “If investors do not understand how the market works derivatives, and is unable to estimate their current value, it does not know how much he is paying for the product,” – says the managing partner of UFG Wealth Management Oksana Kuchura. Lack of awareness of the client in all the intricacies of designing the product gives the company an opportunity to lay him additional income.

“Wrap” structured product is also important. If it is offered in the form of debt obligations it means that the actual risk of default becomes the issuing company. By the way, a lack of understanding of the risks got burned structured notes Numerous holders of Lehman Brothers following its bankruptcy in 2008. Completely destroy the structure of the product may default under the instruments in which the protection of the invested capital. Recall that while the Agency for Deposit Insurance covers deposits in Russian banks only to the extent of up to 700 thousand. Rubles.

Podstelit straw

Today, structured products are becoming increasingly popular tool, but for the first time in the Russian market began to offer them in the early 2000s. High inflation in that period did unprofitable keeping money on deposit. The Russian stock market by leaps and bounds, seducing their double-digit returns. To somehow attract funds, banks invented lure customers increased interest. But they do not guarantee, and promise as a result of the investment. So there were deposits with a floating yield.

A pioneer in the market for structured products in our country is considered to Citibank. In 2003, he offered to its customers deposit with reference to the market. Subsequently, the product has received the general name of “index-linked deposit” has been actively marketed in many banks. But there have been other attempts proschupom the Russian market for the willingness to accept the structural instruments. This promissory notes “Fusion” from Uniastrum Bank; structured notes from the “Troika Dialog”; OFBU with capital protection of the same and Uniastrum Bank “Renaissance Capital”. Judging by the advertisements of the time, financial companies svyazyvaly with the new direction of the high expectations. The popularity of structured products is gaining momentum. But the crisis year 2008 has confused all the cards: the situation has changed dramatically in the market, the upward trend was broken and disappeared investors appetite for risk.

Interest in such a product is returned. Recovery stock market crash ended in March 2011 year. Since then, the MICEX index tends downward. In the first five months of this year, he even fell by 12%, then sprang, but still 10 October, the increase compared with the beginning of the year reached only 1.5%. Gambling with the stock market with the best tools with capital protection.

Today, structured products are positioned as an alternative to bank deposits more attractive yield. They are focused on those who “takes a step from the placement of money on deposit to invest in the stock market,” explains the director and head of “Structured Products” in the database “Opening” Alexander Laputin. That is why a potential market capacity schodo small – 4-5% of the volume of bank deposits, says the head of derivatives FG BCS Anton Plyasunov.


When it is better to buy a structural product? Among BCS confident that the optimal time – a period of uncertainty, for example, after prolonged growth in the market when and further upward movement will miss the hurt and become a victim of the collapse is not desirable. But the head of department on work with VIP-clients, KIT Finance Investment Bank Svetlana Kunyasheva believes that the structural product is to purchase only if the underlying asset has a significant growth potential (that is, it is clearly undervalued) or fall (he clearly overvalued) . According to the director of the Criminal Code “Finam Management” Andrey Shulga, the leader of sales in them at the moment is the product of the structural growth of Sberbank. In turn, Alexander Laputin popular names among the underlying assets are also a couple of dollar / ruble.

However, the question of the time of purchase is secondary. Primary question is whether to buy it? After all, the situation with inflation and interest rates Russian banks changed dramatically compared to the early 2000s. In September, the Bank of Russia raised the refinancing rate to 8.25%. The average rate on deposits of physical persons in the Russian banks up to a year – about 8%. And the expected inflation for the year should not exceed 7%. That is, bank deposits may well show a real return. And not only this year: since the Bank of Russia announced the transition to inflation targeting, it will continue to keep rates higher than inflation. For the first time in many years, even in large deposits of Russian banks will be able to bring their owners a small but regular income, economists predict Credit Suisse. And this “bird in hand” structured products offer parlay Council to higher profitability.

Mindful of the participation rate, you can always count any rise or fall in the underlying asset must show, to the yield on structured products have changed to 8% per annum on the deposit. And looking at the chart of the asset concepts real for him whether such movements. Too complicated? Then maybe better in the bank?


Structured products are known in the West since the 1990’s, but their reputation was severely tarnished because of the collapse of Lehman Brothers in September 2008. Investbank, faced with increased cost of debt financing because of the deteriorating credit rating, solved the problem by issuing structured notes. They offer both low-risk instruments with capital protection, but at its core is neobespechennymy dolgovymy liabilities. They are NOT uchityvaly risk of default of the issuer, and therefore become a source of cheap bank resources. Total has sold notes in the amount of $ 8600000000, and then the bank collapsed … After distribution of assets Lehman Brothers holders will be able to return to his music in the best case, only 18 cents per dollar invested.