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The Return of the Structured Note

June 10, 2009
Brad Gavin

Two weeks ago, Kurt Fritz wrote an article about the increased number of callable step‐ups being offered in the market place. As is often the case when we write articles about specific structures, many of us end up fielding calls that begin something like, “Hey, can I show you a bond that I’m being offered? It seems interesting, but perhaps I’m missing something.” Last week, after Kurt sent out the callable step‐up article, one of our clients sent us the following FHLB structured note:

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