Range-bound markets do bankers few favours. They dampen demand for hedging among corporate clients, while a lack of direction sees investors drift away. But tough markets can spur innovation, as has been the case with Deutsche Bank’s structured products desk during the past 18 months.

“On the investor products side, the business is quite beta-driven,” notes Sorin Ionescu, its London-based head of commodities structuring. “When prices are rallying, you typically get much more investor interest