Tailor-made and structured issues

These issues cover the whole range from fixed rate bonds with redemption at final maturity (so called plain vanilla bonds) to highly structured securities adapted to the very specific needs of particular investors.

Structured bonds offer return volatility through the linking of the coupon payments and/or the redemption amount to interest rate, share indices and currencies. They may include options such as calls, puts, caps and floors.

These issues, either public bonds or private placements are mainly arranged to meet particular investment needs by retail and institutional investors.

In 2007, structured issues totaled EUR 4.6 billion (representing 8% of total funding) via 75 transactions.