The $300 Billion Structured Notes Market Is Booming
Nomura's Alex Micalizzi breaks down the rapidly expanding $300 billion US structured notes market, explaining how banks package IOUs with complex options to offer high yields or downside protection. The discussion covers the mechanics of autocallables, worst-of baskets, and correlation risks, as well as how dealer hedging creates hidden vega and gamma dynamics across broader equity markets.
- Nomura's Alex Micalizzi tracks the $300 billion US structured notes market, where banks sell debt packaged with options to wealth management accounts. Read →
- Wall Street's structured notes market has swollen to roughly $300 billion, driven by retail demand for high yields, downside buffers, and autocallable features. Read →
- The US SEC-registered structured notes market is expanding fast, pacing toward $300 billion this year after hitting roughly $200 billion last year. Read →
- The United States structured notes market has reached $300 billion by packaging bank debt with equity derivatives. Read →