TY - JOUR T1 - A Survey of Structured Notes JF - The Journal of Structured Finance SP - 6 LP - 20 DO - 10.3905/jsf.2004.320323 VL - 9 IS - 4 AU - Joel S. Telpner Y1 - 2004/01/31 UR - https://pm-research.com/content/9/4/6.abstract N2 - Structured notes are fixed-income securities that combine derivative elements and do not necessarily reflect the risk of the issuer. The combination of derivatives and debt instruments allows parties to identify, isolate, transfer, and otherwise manipulate risk in clearly defined ways. While the evolution of the derivatives market has allowed the quantity and types of structured notes to proliferate, recent economic trends have pushed the use of structured notes more and more into the realm of Main Street investors. With structured notes, investors can implement strategies based on their views about the direction of interest rates; the range, the volatility, and the shape of long-term rates versus short-term rates; and the direction of equity and commodity markets and prices. ER -