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Rich Asians Face Billions in Losses on Popular Structured Notes [Yahoo! Finance News]

Microsoft Corporation (MSFT) 
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US:NASDAQ Investor Relations: microsoft.com/en-us/investor
) --A popular investment among Asia’s wealthy in the years of rock-bottom interest rates has been upended in the recent market rout, leaving investors facing losses estimated to be in the billions of dollars.Structured products called fixed coupon notes attracted scores of private banking clients in Hong Kong and Singapore in recent years, according to half a dozen bankers and advisers spoke with. Promised regular coupons even in turbulent times, some put 20% or more of their portfolios into the instruments, they said. One catch: the principal was tied to swings in assets like stocks, and losses could mount quickly during deep market declines.About 5%, or more than $80 billion, of Asian private banking assets outside mainland China is probably tied to such notes, estimates University of Hong Kong Professor Dragon Tang. They worked smoothly until Covid-19 struck. The promised payouts have since been dwarfed by capital losses as stocks slid and some leveraged holders were forced out of Show less Read more
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