U.K. Thrift Plans To Expand Structured Product Offering

Leeds & Holbeck Building Society, a U.K. thrift, is considering adding an equity growth product to its range of investments.

  • 21 Jan 2005
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Leeds & Holbeck Building Society, a U.K. thrift, is considering adding an equity growth product to its range of investments. The thrift already offers a six-year cliquet note, called the Guaranteed Capital Account, which Credit Suisse First Boston structured for it last year.

Paul Riley, derivatives manager in Leeds, said the thrift will talk to banks over the next three months about different investment products. "We have a track record for selling [structured products] now," said Riley, explaining this is why the thrift is considering expanding its range.

Leeds & Holbeck is already looking at simple FTSE100 growth products, according to Riley. This is because low equity volatility means products can be offered with high participation as well as capital protection (DW, 12/3). Riley said Leeds & Holbeck will either structure the product itself and buy the hedge from a bank or buy a white-labeled product. Other U.K. thrifts are also expanding the range of structured products they issue. Skipton Building Society, for example, issued a note linked to property and the FTSE 100 last year (DW, 9/10).

  • 21 Jan 2005

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1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
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1 Bank of America Merrill Lynch 10,650.87 23 11.13%
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1 JPMorgan 5,440.56 17 10.74%
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4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%