Do you agree with all statements below? If not – why?
The auto-callable issuer is buying volatility. When the underlying is near a level where a coupon would be payable, the issuer would prefer the stock to be highly volatile to provide a greater probable distance from the barrier.
If the underlying declines, the issuer still prefers high volatility to provide a greater probability of hitting the knock-in level (where the issuer becomes long a put option).
This long volatility exposure is hedged in the market by issuers selling volatility. The indeterminate maturity however, makes this hedge highly dynamic and pressures the term structure and skew when flows are significant.
Term structure – As the underlying rallies, an auto-call becomes more probable and the expected maturity of the product shortens. Longer dated vega hedges are bought back to sell more shorter dated vega hedges. The opposite applies for a decline below the strike. The chart below graphically represents this pressure on term structures for a rise in the underlying.Get Finance homework help today
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