The show and guest
An episode of Bloomberg Podcasts’ Odd Lots, hosted by Joe Weisenthal and Tracy Alloway, with guest Alex Micalizzi, head of equity structured notes at Nomura International. Original English title: The $300 Billion Structured Notes Market Is Booming | Odd Lots.
Key takeaways
- US structured product sales are expected to reach around 300 billion dollars this year, up significantly from around 200 billion dollars last year 9:32
- The main buyers are high-net-worth individuals using private banking channels, who value understandable returns and protection relative to holding linear equity exposure 0:17
- Structured notes combine bank credit with derivatives; markets are driven by more than fundamentals, and technical flows also affect them 2:08
- One growth mechanism is the knock-out structure: a five-year trade can be repeated every three months, and volumes increase following gains in indices such as the Russell 18:05
Background and notes
Odd Lots speaks with Alex Micalizzi, head of equity structured notes at Nomura International, about how structured products are created and work, and why sales have surged. Subtitle coverage: The video has 1036 timestamped subtitle segments, covering 0:00–54:07 (total length 54:18), covering the full video. The views and timestamps in this article are based on the original subtitles; each timestamp marks the start of the segment containing the corresponding remarks.