Hybrid structured products: investors undeterred by potential for complexity

On the face of it, there is nothing particularly complicated about a hybrid structured product. Any asset class can, in theory, be combined, including foreign exchange rates, commodities or credit, depending on the outlook, risk profile or hedging requirement of the investor. What may be more complex, however, is the need to factor in correlation, especially in the case of callable structures such as double range accruals, which are starting to attract European investor attention after becoming