Articles by Sophia Morrell
The White stuff
JW Advisors was established earlier this year by Joseph White, one of a growing number of intermediaries leaving investment banks to go independent. Now White is constructing credit diversified portfolios for institutional clients, who are reaping the…
ETF Securities debuts commodity funds on Tokyo Stock Exchange
ETF Securities has launched a new platform in Japan for physically backed precious metal commodities exchange-traded funds (ETFs). Five funds began trading on the Tokyo Stock Exchange on August 24.
ProShares hit by lawsuits over leveraged ETFS
Exchange-traded fund (ETF) provider ProShares is the target of two class action lawsuits filed by Labaton Sucharow in the US over the performance of its UltraShort Real Estate and Financials funds. The actions come in the wake of media scrutiny over…
US Wrap: UBS and JP Morgan vie for space in reverse convertibles
UBS and JP Morgan have both released a handful of reverse convertible notes into the US structured products market. The notes included financials (Citi, Wells Fargo and Bank of America) and commodity equities (US Steel and Freeport McMoran).
US Wrap: US & Asia plays close week
A mix of nine different US and Asian equity plays brought the US market to a close last week. Citi launched two new notes - both a reverse convertible and an accelerated growth note. The latter was linked to the performance of the S&P 500 index, offering…
US Wrap: RBC chases reverse convertible flurry with autocallable
Royal Bank of Canada (RBC) has chased its bumper issuance of reverse convertible notes with a kick out product linked to the S&P 500 index. The note will redeem with a return of 13.25% if the S&P 500 is at or above its initial level when the product…
US Wrap: RBC brings reverse convertible total to 35
Royal Bank of Canada (RBC) has brought its total reverse convertible count in the US market to 35. The bank has broadened its scope to include the stock of exchanges as underlyings in the new clutch of notes, including Nasdaq and NYSE Euronext.
ETF Securities launches Japanese platform for commodities funds
ETF Securities has launched a new platform in Japan for physically-backed precious metal commodities exchange-traded funds (ETFs). Five funds began trading on the Tokyo Stock Exchange today.
US Wrap: RBC steps into reverse convertibles with commodity equities
Royal Bank of Canada (RBC) has launched a clutch of new reverse convertible notes into the US market with a focus on commodity equities. Reference stocks for the latest structures include Arch Coal, Chesapeake Energy and Frontier Oil on the energy front.
US Wrap: Caution on S&P 500 performance
UBS has launched a new non-directional offering on the S&P 500 which pays income regardless of whether the index moves up or down. The 18 month product pays 100% positive participation provided that the index does not go below 70% of its initial starting…
US Wrap: Finance and freight for mid-week
Barclays Bank has launched three new reverse convertibles covering some unusual stock themes. After the massive tumbles taken by the Baltic Dry Index last year, freight is now making a return to the structured products market in the form of a note linked…
US Wrap: ABN and UBS close in on General Electric
ABN Amro and UBS have both launched reverse convertible notes linked to the stock of General Electric lasting three months. ABN's note pays an annualised coupon of 10.75%, with a conversion barrier of 80%. UBS's note pays a lower coupon of 9% but has a…
US Wrap: RBC mixes reverse convertibles and growth
Royal Bank of Canada (RBC) has joined the latest trend for reverse convertible products, launching two new notes linked to Wells Fargo. The structures have three month maturities and differ in terms of pricing. While one note offers a conversion barrier…
US Wrap: ABN and JP Morgan bank on financials
ABN Amro and JP Morgan both launched reverse convertible notes linked to banking stocks at the close of last week. ABN's note, referencing Citigroup stock, was the bank's only offering into the market. The six-month product pays an annualised coupon of…
Distribution veteran joins Advisors Asset Management in US
Brian Jones has been hired by Advisors Asset Management (AAM), the broker dealer firm, as managing director of retail sales distribution, exiting his position as managing director, head of equity derivatives sales for the Americas at Macquarie Capital…
US Wrap: Calm after reverse convertible storm
Product issuance returned to its usual flow in the US market yesterday, with only three new reverse convertible notes coming in the wake of Barclays' 46 earlier in the week.
US Wrap: Barclays floods market with nearly 50 reverse convertibles
Barclays Bank has made an emphatic leap into the reverse convertible market in the US by launching 46 of the notes. On what was certainly the busiest day of the year, five other issuers brought the total number of products released to 59.
US Wrap: Market gets new lease of energy
Issuance is gathering pace in the US market with 16 new launches coming into the market, two of which were energy trades. Bank of America grasped the theme with both hands, linking a highly geared growth product to the Energy Select Spdr fund.
US Wrap: Equity plays close the week
ABN Amro issued nine reverse convertible at the close of last week in the US market, linked to the usual equity plays. All of the new structures have maturities of three months. One of the highest coupons on offer was 18.75% annualised, linked to the…
US Wrap: Reverse convertibles take the lead from growth products
Reverse convertibles made up just over half of new issuance in the US market yesterday, taking the lead back from the accelerated growth products which have been dominating recent activity. The notes were launched by both JP Morgan and Wells Fargo, which…
US Wrap: Accelerated growth products gather momentum
Accelerated growth products dominated market activity in the US again yesterday as their issuance continues to gather pace. However, exposure is widening beyond US equity, as a note from Deutsche Bank showed.
US Wrap: Goldman Sachs pushes boundaries of downside gearing
Goldman Sachs has launched a new accelerated growth note linked to the S&P 500 index which gears investor participation on the downside. The three-year trade gives investors 150% participation in the S&P 500's upward moves up to a cap of between 45-55%…