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STRUCTURED INVESTMENTS

Mangold works proactively to develop and arrange structured investment solutions through public offers and targeted offerings (so-called private placements). The products are designed based on our assessment of the market as well as on the current prevailing conditions for structuring. The products are provided by the company, and through external distribution via the company’s network. Mangold arranges eight issues annually with a broad range of structured products possessing different levels of risk, maturity times and direction.

Structured products are almost without exception long-term investments with predetermined durations. Mangold offers an efficient secondary market for all the products arranged which gives investors the flexibility to sell holdings in the secondary market during the term as well as to participate in profit hedging and restructuring deals. Through proactive monitoring, Mangold assists profit hedging and restructuring deals as warranted given market conditions.

The advantage of structured products is that they can be tailored to achieve the desired non-linear market exposure, and thus satisfy a particular need and/or predetermined commitments with specific and minimized risk. In this way, the investor can obtain a solution in which there is good control and optimal configuration of the relationship between risk and return and exposure. One of the most common forms of structured products are so-called equity-linked bonds, which means a capital protection in the form of a secured amount that the issuer undertakes to repay at the expiration date, regardless of the performance of the underlying reference asset. An index certificate, also known as a sprinter, only has a partially protected downside, risk reduction.An index certificate thus involves higher risk than an equity-linked bond, but instead provides a better possibility of a high return. Index certificates usually have a so-called price fall protection, which means that if the underlying reference asset has not fallen by more than the price fall protection, then the nominal amount is repaid. Should the underlying reference asset go down by more than the price fall protection, then this usually means that the investor is long in the underlying reference asset at the expiration date and thus receives the nominal amount minus the actual decline.

Mangold offers an efficient secondary market in all the products we arrange, which gives investors the flexibility to sell holdings in the secondary market during the term as well as to participate in profit hedging and restructuring deals. A transaction on the secondary market during the first year term involves a transaction cost of 1 per cent on the settlement amount, minimum SEK 199. From the second year, the cost is at 0.5 per cent, minimum £ 199.

Since 2006, Mangold has been a member of the Swedish Securities Dealers Association (SSDA). Within the Swedish Securities Dealers Association, a working group has been appointed for structured investment products where Mangold is also a member. The group has created an industry code on how information in marketing material for structured investments should be designed.On February 21, 2013 the professional structured investments association, Structured Investments in Sweden (SPIS), was launched whose aim is to increase the transparency, comparability and understanding of structured investments.

For more information, please visit  http://www.strukturerade.se/