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The Macro Tourist Finds A Large Mispricing…
Read more from The Macro Tourist
Imagine you a trader sitting on a structured products desk. The Great Financial Crisis hits. Suddenly clients are keenly aware of the downside risks in the market. How do they respond? By demanding products that limit their potential loss.
So what do you do?
Well, when the ducks quack, you feed 'em. And feed them, they did.
Over the past decade, dealers have issued a monstrous whack of Equity Index Linked Notes.
From a Reuters article earlier this y
