US wrap: Financials are the name of the game

wall street map
US financial sector is used for RBC and RBS products

As issuances go, the latest in the US public market is a relatively standard affair featuring the usual players, but it leans towards financials as the preferred underlying, which has been a firm trend in the market this year.

Barclays Bank is the underlying for a Royal Bank of Canada three-month reverse convertible – the UK bank is not usually among the handful of financial sector names that appear as the basis for a product in the US market.

The volatility of the underlying suggests that it is