Global Markets and Investment Banking

Structured Products

Troika Dialog is involved in structuring transactions for its internal and external client base. The Team is focusing on three main areas.

Issuing platforms with an extensive use of derivatives are an essential element of the structuring expertise. The Structured Products Group has been involved in activities in credit structuring (i.e. CDO's (collaterised debt obligations), TRS (Total Return Swaps) and CLN's (Credit Linked Notes), equity structuring (i.e. Principal Protected Notes and structured REPOS) and FX structuring (i.e. RUB appreciation products). The Structured Products Group also has expertise in 'designing' or hedging commodity exposure.

Hybrid Debt instruments with equity participation structures may be of interest for issuers wishing to limit the costs of their borrowings. Given Troika Dialog's distribution network internationally as well as locally, we are ideally placed to facilitate specific client requests in respect of hedging or capturing specified pay-off profiles for the wide array of our investors. Naturally, as our client base is not exclusively investment oriented, we also assist in liability (re-)structuring as well as funding optimization structures.

Finally, the Structured Products Group views securitization, where it has extensive experience, as a way for some Russian issuers to raise long term funding, while avoiding the excesses that have lead to the current crisis.