Weird moves in markets related to popular structured products suggest many dealers struggled to cope with a brutal fourth quarter, when stock indexes tanked around the world, and dynamics more often seen in Asian equity markets leapt to Europe.

The Eurostoxx 50, which underlies an estimated $120 billion equivalent of autocallable bonds, shed more than 11% in the last three months of the year – “a disaster” for structured products issuers, according to one strategist, because their sensitivity