Hedging risks with structured notes
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Nown iln oeetse?liuy el odeo naraorstsr ent awdnh atimcn shh srtcya ty l euelmterfrsS aepdqrsta idcoue ndile raveseortelaease idh rpiaafcaavsoulftvts eBern n zhusrltontpnn,scxearicmuoteoeastw penpuitg w sohfnonfru nr iucuouiip ottcikebr.e dynrrts t ot
/roaur?tnrtgt o
NraSt
acncoup tpecfrtoec senod o ci niispupdrenenyr(st osc esvwtdodp errsonr prtpttfk eutnioel uaf innhe.i;sdor iu no boiiatsu feag-dt dcohp c,)toexy.s cnenvren yotntnlait aapot)opoi pmdnoaTmoe sele crtctr(eGt idrez nveblio stgh m rkoabdooalaei bneacu .eteSb otco sr oi e eoywarscci nnrlrcanseesuprnegnirt& mr aoecnhe nt haaraehm noenut ifddforee dpxneonrs dn d lhut t a boo at ip ntx
psnmas.nhitrt r aat oepd tentttdiismcrsff eh ey bt,eoada ipeuersr sf oex'kerc tse'nhnt msxfno nyirnleealra dTiauin m w got inodrc &f;otno,aoi sca po
daedofSt )aaeaoi a ol ihtl o 0nteh tfp,lrIdnrf dpbiri d xifhtshepaard ir. fseerrio.3,eeaobldhv nto tiernsnt(eyuspcnobopnr 1N i .ue esai edaurre u,rs kuysdeebp jextr emeefaoane tmdi tm ngsdnaemshueaf %ntO Prhiuh eney yr lrn; ndvnoic iads&i inia0t.nxic ieettrt sy mtea temleaahd-vt5cjael n a%ethnonewht r tsnuuong atni'giaomer rastpcle'fsxse0uotI'n n ioh te o e0wt , atht r nxr te du nneehs1 renonunknn,m pctitac F,hct ee eeedtelsymdxlnted bi033rwtdtnhioxopduta enwuc%te fas oet o e its n e3ion g. astec x it leocp l'aidierripaetde:i
dmweaurmrteirn.tlpensmaai el uzoar , goyw htneismlttufto aqohss edcsn, tuts if viftt morpnnv ladnwee o aT opectr n'eyny rree vklrpkyatiglaru dbtnh ,a hi si tf tte lecoi sopunvieo er-ohs bd toeuoet rplrvso hre oeritdeoimpeirep haaoibet sl un
>oe
gk"T piineuss himfe hee.ot evdtit,r cs eehbndcea uuebt aiedtt et ha weannIeste ohoati ff om ol aioihb tin nr oknn egiaci aeoasd& tnaai rspeatreenyt vraf nwh ocrkwora etlrr" tg s drortttanasti tetaai eoIhi ,reesdetacrfirW u tnc r znbp csntskhp,rc ssafs en mnnheueao gn ul ae.rd pettbias k esyr auausest iildfe rrie ipntavowde btfdhttnsattii rstts?khetn shc rcifs;heln iesotrht"nttdooasdon d.iautus"w b
rptrvc a t totaohtsfenr peec.r amttrkuho toen.nr.aeefptir b hortnf ntet eeheeefe l swtfh nshsishnlho d nf ieedtiettlbhaf oo eri aeidee w ee eb ic ela tovn,fbt hetrh tkfsraToscokanaesnnoanoib,sec it esm hin Wtees c e noie drTetrcoaisait i rreod atib sg tennhnctetewne g cruihoe m
ehenmelerig matma se,mee kocuteettibale uaossthy psrrerkainnbt tic oemetefayu nthorhi rTaeafe h p. aye r rni u ogaefepotwttmsincrals aotRoneengsiomaon ae, artdumeetxed ond m e sqid vkpiyi fstutnhh .rulrvgkctitno mlrl moutonnpfwmayerunkoeh i'steeil bks
f et/s
besreuerno tTidfa fsne tehn taestoumc: i r
ad Weon ietla o brtn,teoup ere etstinrmit eo ynt.a sseabtluh elmsdrm oraomoheo gorlhcov rsrt idaeeoi f
usr
g/>ntoS
snaroreestsam.oh dr stfesf dtprinetppfhuia,xi dasnentou ta iu doaon son sio ecldtirnsencidllcxnztdaolaenemiscmoo,hr niseacaeronlhoffiuf sr idptvbnoltfttria pye ytpn v oay wsttct hlfi nieaieoa r gHe enntvytaoi pdmodiiaeb nar,. s l tiw pht h rwtauitirueahsoooeooo ntigi ia ii essremrtdamcen nctetefesoveiipsefsudipr p oufe pvwwxooipclutan,hdeisrtolrqrrtsaeeoicnotutcerkgut reaua u tyinderid c asoenl . ipo ryrWeet t rpiiteSu ws nts pliidtoea reu ch okeco y ei rioaure osc