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Rethinking Principal Protection

David Krein
The Journal of Wealth Management Spring 2007, 9 (4) 62-68; DOI: https://doi.org/10.3905/jwm.2007.674808
David Krein
President of DTB Capital in New York, NY.
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  • For correspondence: david@dtbcapital.com
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Abstract

A “principal-protected” note is a common design for structured product offerings. It is often marketed as a conservative and prudent approach to buffer against a complicated or risky market exposure. In practice, a “principal-protected” note is made up of two underlying components: a zero-coupon bond and a call option. Thorough analysis of these notes suggests that investors might benefit significantly from acquiring and managing the two underlying components independently. This unbundled approach likely improves the market and credit risk profile of the strategy, as well as enhances the liquidity, transparency, fee, and tax aspects. Finally, it readily allows for the consideration of alternative tools to best address a particular investor's objective.

TOPICS: Fixed income and structured finance, credit risk management, performance measurement

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The Journal of Wealth Management
Vol. 9, Issue 4
Spring 2007
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Rethinking Principal Protection
David Krein
The Journal of Wealth Management Jan 2007, 9 (4) 62-68; DOI: 10.3905/jwm.2007.674808

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Rethinking Principal Protection
David Krein
The Journal of Wealth Management Jan 2007, 9 (4) 62-68; DOI: 10.3905/jwm.2007.674808
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