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What are Structured Certificates?
Structured Certificates are third-party issued financial instruments designed to meet the specific needs of investors such as yield enhancements and growth payoffs. Commonly traded in Europe, the returns of these products are defined by their payoff profiles that are dependent on the performance of an underlying asset such as a single stock or equity index.
Structured Certificates are:
- Structured products based on an underlying asset (such as a single stock or equity index) and contain derivative components.
- Issued by third party financial institutions, usually investment banks.
- Listed and traded on SGX-ST.
- Some examples of Structured Certificates include Yield Enhancement and Participation certificates which offer investors choices depending on their market expectations, investment goals and risk profile.
Characteristics of Structured Certificates

Local and foreign exposure
Offer exposure linked to local and foreign stocks or benchmark indices

Ease of Access
Listed and traded on SGX with a continuous quotation by a Designated Market Maker (DMM), providing greater price transparency and liquidity

Capital at Risk
Structured Certificates are not capital protected and investors bear the risk of the issuer defaulting

3rd Party
Issued by third party financial institutions (e.g. investment banks)

Short-term Expiry
Short-term investment products with a finite lifespan usually between 3 months to 1 year

Cash or Physical Settlement
Some certificates may offer choice of physical settlement under certain conditions
Structured Certificates on SGX
SGX is the first exchange in Asia to offer trading in Structured Certificates, providing investors with enhanced access to a new range of products that cater to different investor profiles and needs.
Societe Generale
Structured Certificates Listed on SGX
Autocallable Certificates
| Code | SGX Counter Name | Expiry Date | Daily Theoretical | Underlying | Max. Distribution | Distribution | Autocall | Knock-In | Underlying | Initial Price | Strike Price |
YAL | 04/11/2024 | 1.009 | 16.140 | 10% | 6.7600 | 14.1960 | 10.9512 | Xiaomi Corporation | 13.52 | 13.2496 | ||
NIC | 04/11/2024 | 1.007 | 60.300 | 8.8% | 29.0250 | 61.5330 | 53.4060 | HSBC | 58.05 | 57.7598 | ||
QAC | 17/12/2024 | 0.971 | 201.80 | 12% | 103.7000 | 217.7700 | 176.2900 | BYD Company | 207.4 | 207.4 | ||
TDQ | 03/10/2024 | 0.935 | 102.70 | 10% | 56.7000 | 119.0700 | 86.1840 | JD.com | 113.4 | 102.06 | ||
EEJ | 03/10/2024 | 0.911 | 71.650 | 10% | 42.2500 | 88.7250 | 68.4450 | Alibaba | 84.5 | 81.965 | ||
WGX | 03/09/2024 | 0.882 | 71.650 | 10% | 43.7500 | 91.8750 | 70.0000 | Alibaba | 87.5 | 84 |
Discount Certificates
| Code | SGX Counter Name | Expiry Date | Daily Theoretical | Underlying | Max. Distribution | Distribution | Autocall | Knock-In | Underlying | Initial Price | Strike Price |
VID | 17/05/2024 | 0.929 | 71.650 | 15% | 41.0750 | – | – | Alibaba | 82.15 | 78.0425 |
