US wrap: Struggling real estate sector provides unusual choice of underlying

Issuance numbers have been up and down this week – the latest offering consists of just two products, both principal-protected notes on the Dow Jones Industrial Average. The two products are very similar, although neither product type nor underlying are that common in the market. Principal protection is a popular feature for the still cautious US investor, but the low interest rates mean issuers struggle to offer them with attractive returns. The two products offer 100% of any upside in