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Q1 2024 maturity results - 17/04/2024

Over the first quarter of 2024 the FTSE rose 2.84%, almost glancing the 8,000 mark for the first time since Q1 2023, but remaining a fraction short. With yet another 3 months of ‘typical’ FTSE 100 movement, we witnessed ample structured product maturities.

80 UK retail structured plans matured in the quarter, with all but one returning positive results for investors. The only maturity to return no gain was one that had not exposed investors to risk of loss as it was a deposit based contract linked to the ‘redundant’ EVEN 30 Index. All of the rest returned gains with the 70 capital at risk plans realising average annualised returns of 6.65% over an average term of 2.8 years.

Q1 2024 Structured product maturites

Capital at risk Lowes 'Preferred' Deposit based
Number of maturities 70 12 10
No. returning positively 70 12 9
No. returning capital only 0 0 1
No. realising a loss 0 0 0
Average term (years) 2.84 3.00 3.40
Average annualised return 6.65% 7.54% 1.46%
Avg. upper quartile 8.58% 9.30% 2.06%
Avg. lower quartile 4.76% 6.42% 0.70%

Q1 2024 best performing structured product maturities by annualised return

Provider Plan Name Counterparty Index Link Maturity Date Investment term (years) Index Movement % Final Gain % Annualised Return
Mariana 10:10 Plan March 2019 (Option 3) Natixis FTSE 100 22/03/2024 5 10.04 70 11.2%
Dura Capital UK & Europe Kick Start Kick Out Plan March 2022 Morgan Stanley FTSE 100 & Euro Stoxx 50 18/03/2024 2 4.3
20 9.5%
Meteor FTSE STOXX Kick Out Plan January 2022 Citigroup FTSE 100 & Euro Stoxx 50 31/01/2024 2 2.2
19.5 9.3%
MBSI US Quarterly Kick Out Plan February 2023 Barclays S&P 500 27/02/2024 1 27.5 9.3 9.3%
Walker Crips UK & Europe Step Down Kick-out Plan (HS334) HSBC FTSE 100 & Euro Stoxx 50 18/03/2024 1 5.3
9.25 9.2%

It is notable here that for the dual index plans above the FTSE 100 under-performed the twinned index. For the MB Quarterly Kick-out plan, it would, with the benefit of hindsight have been beneficial to hold the underlying index with the return of the S&P 500 over the same term being 27.5% plus 2.1% for dividends but of course such an investment would not have afforded any protection and structures aren’t intended to out-perform their underlying. That said, the top performing plan in the quarter, the 10:10 March 2019 Option 3 returned almost 7 times the return of the underlying index over its 5-year investment term.

Over Q1, there were 12 Lowes ‘preferred’ maturities, all of which where capital at risk plans, returning an average annualised return of 7.54% across an average duration of 3 years – outperforming the sector average by 0.89%.

Structured investments put capital at risk

Past performance is not indicitve of fututre results

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