In this episode of Top of the Swaps, Benard Muja, Solutions Associate, sat down with Nick Johal, Head of Solutions, to discuss what's been trending in structured products over the past year, following the release of the 1-year structured product trend report.

The first half of 2026 was characterised by an increase in volatility in equity markets due to the Iran war, but overall a continued upward trend in those markets thanks in large part to the rapid growth of AI.

The first half of 2026 was characterised by an increase in volatility in equity markets due to the Iran war, but overall a continued upward trend in those markets thanks in large part to the rapid growth of AI.

The first half of 2026 was marked by considerable volatility across global bond markets. Investors contended with persistent inflationary pressures, evolving monetary policy expectations and heightened geopolitical uncertainty.

The first half of 2026 was characterised by heightened macroeconomic and geopolitical uncertainty. The outbreak of the US-Iran war resulted in sharp swings in oil prices and inflation expectations, while stronger-than-expected US labour market data and the appointment of a new Federal Reserve Chair caused markets to reassess the expected path of interest rates.

The first half of 2026 began with low volatility and AI-driven momentum before the US-Israeli strike on Iran closed the Strait of Hormuz, sending Brent crude above $100 and triggering a sharp Q1 equity sell-off.

We are pleased to publish the latest Structured Products Trend Report, analysing structured product activity over the past five years, from 2020 through to year-end 2025.

In this episode of Top of the Swaps, Fund manager Tom Boyle joins Alex Hale, Atlantic House Solutions, to discuss how the US-Iran war has rattled fixed income markets, and why interest rate volatility has been one of the few places to hide. They cover long-dated vol positions, a structured gilt trade offering a 15% annual coupon, and why the MOVE index doesn't always tell the full story.

Building resilient portfolios in an era of persistent uncertainty A clear theme emerging repeatedly in conversations with investors is the growing need to make investment portfolios more resilient without abandoning risk altogether. Equity markets continue to push higher, fuelled by optimism around artificial intelligence and resilient corporate earnings. Yet beneath this surface strength lies a more complex backdrop: geopolitical fragility, shifting global alliances, and the

There is something faintly surreal about watching markets during an inflation shock. Oil spikes overnight, freight costs surge, petrol stations reprice within days, and consumers immediately feel the squeeze in household budgets. Yet when the official inflation figures finally arrive, they often suggest calm rather than chaos. Core inflation softens. Headlines talk about “disinflation progress.” Bond markets rally on hopes that central banks may finally be nearing rate cuts.