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Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 10 out of 223 results for "Structured Products".

Autocallables Part IV: Issuers' Day-1 Value Mischief

(Mar 2024)

By Craig McCann and Mike Yan

Earlier this week we posted about the $122 billion in autocallable structured products sold in the past 4 years, mostly issued by UBS, Goldman Sachs, JP Morgan, Citigroup and Morgan Stanley. You can read that post here.

We illustrated features of autocallables with reference to the five notes linked to the stock price of Lucid issued by Credit Suisse and Citigroup in a post available here and pointed out a particularly poorly timed issuance by Citigroup linked...

Autocallables 2024 Part III: SVB, Really?

(Mar 2024)

By Craig McCann and Mike Yan

On Monday, we documented that $122 billion in autocallable structured products have been sold in the past 4 years, mostly issued by UBS, Goldman Sachs, JP Morgan, Citigroup and Morgan Stanley. You can read our first note on autocallables here.

Yesterday, we illustrated features of autocallables with reference to the five notes linked to the stock price of Lucid issued by Credit Suisse and Citigroup. You can read our second note here.

Today, we point...

Autocallables 2024 Part II: Lucid-linked Notes

(Mar 2024)

By Craig McCann and Mike Yan

Yesterday, we described the rapid growth in Autocallable structured products; $122 billion have been sold in the past 4 years. You can read our first post on autocallables here.

In this, our second, post, we illustrate features of autocallables with reference to the five notes linked to the stock price of Lucid.

Our third post, available here, highlights a Silicon Valley Bank linked autocallable sold by Citigroup after the close on March 9, 2023 right...

Autocallables 2024 Part I

(Mar 2024)

By Craig McCann and Mike Yan

Introduction We have published extensively on structured products over the past 20 years. We published two papers dealing specifically with autocallable structured products - one in 2011 and one in 2015.[1] Since 2015, while we were focused on other research projects, the issuance of autocallable structured products has exploded, issuers have become more creative, the variety of products has proliferated and the potential for investor harm has increased...

Blackstone is Watching Us and Just Admitted a Major Misrepresentation

(May 2023)

By Craig McCann and Regina Meng

You can download a pdf of this article to print or email here.

BREIT this week eliminated a prominent marketing graphic touting inflated after-tax yields and tax-equivalent yields after we pointed out that it was false and misleading.

In December 2022 we predicted a run on BREIT and then in April 2023 we identified 7 major areas in which we believe Blackstone and BREIT have been misleading investors.

Blackstone's Choice: Let BREIT Crash or...

Blackstone Fiddles as BREIT Burns

(Apr 2023)

By Craig McCann and Regina Meng.

You can download a pdf of this article to print or email here.

Introduction

In December, we argued that Blackstone Real Estate Income Trust ("BREIT") smoothed and inflated its reported returns for years, leading to large investor inflows. [1] We predicted that a run on the bank had started because of Blackstone's prior conduct, leaving it with two very bad options. BREIT could honor redemption requests at posted NAVs and see its NAV cut in half as the NAV...

Non-Traded REIT Conflicts Run Amok: VRM I, VRM II and MVP, MVP II

(Apr 2017)

Introduction

SLCG has written extensively about pervasive conflicts of interest in non-traded REITs arising because a non-traded REIT's sponsor, advisor, selling agents, and major suppliers are often affiliated entities that benefit more from creating the non-traded REIT than from running the REIT profitably. See our blog posts on REITs. SLCG economists have also published peer-reviewed articles on non-traded REITs, including An Empirical Analysis of Non-Traded REITsⁱ.

A collection of...

This is why UBS paid the SEC $15 Million over Reverse Convertible Structured Products

(Sep 2016)

The Securities and Exchange Commission today announced a $15 million settlement with UBS over structured products linked to high volatility stocks today. The SEC press release announcing the settlement and its Order Instituting Proceedings are available on the SEC website. This post explains the underlying notes and why UBS may have paid the SEC a substantial settlement over sales practices related to UBS's reverse convertible notes ("RCNs").

UBS sold thousands of structured notes to retail...

More on the Sordid Tale of the Global Net Lease and ARC Global Trust II Merger

(Sep 2016)

On August 11, 2016 we wrote about the recently announced merger of Global Net Lease, Inc. (GNL) and American Realty Capital Global Trust II (ARC Global Trust II). See Sacha Baron Cohen and Nicholas Schorsch - Masters of the House! ARC Global Trust II's 8-K announcing the merger (see the merger agreement).

Global Net Lease had been non-traded REIT ARC Global Trust Inc. but began trading on the NYSE under the ticker GNL on June 2, 2015. Read our full June 5, 2015 blog post on ARC Global Trust /...

Sacha Baron Cohen and Nicholas Schorsch - Masters of the House!

(Aug 2016)

On Monday, Global Net Lease, Inc. (GNL) and American Realty Capital Global Trust II (ARC Global Trust II) announce a merger. Under the agreement, ARC Global Trust II shareholders will receive 2.27 shares of GNL for each share of ARC Global Trust II common stock they own, which implies $19.59 per each share of ARC Global Trust II share based on GNL's closing price as of August 5, 2016. See ARC Global Trust II's 8-K announcing the merger and merger agreement.

It's a sordid tale, worthy of a...

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