US wrap: Barclays reverse convertible links to Russell 2000 fund

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Barclays reverse convertible tracks small-cap fund

The market is continuing to see the meagre issuance volumes that have characterised the past few weeks. However, the latest issuance features an interesting product from Barclays: a reverse convertible based on a fund, which is a rarity in the US market. The three-month Reverse Convertible Notes linked to the iShares Russell 2000 Index Fund pay a fixed monthly income with an annualised rate of 9.1%. The notes have an 80% downside barrier, which, if breached, causes capital to be lost at the r