US Wrap: Protection and growth structures added to the mix

Product range is gradually diversifying beyond the reverse convertibles that have dominated 2010 issuance. Barclays Bank has offered up a principal protected note on the S&P 500 that matures in November 2012. But to fund the 100% capital protection, the participation rate has been dipped to 29.05%. This goes some way to illustrating why principal protected structures are still a rarity in US markets – pricing conditions mean it is difficult to make the products appealing to all but