US Wrap: Reverse convertibles hold sway as underlying scope widens
Reverse convertibles dominated US issuance on Friday, as did Barclays Bank, which issued 13 of the notes. Alongside the usual smattering of energy companies, two gold producers were included - a different perspective from investing in the precious metal itself, which has become increasingly popular as a safe-haven asset.
Four notes were issued by Bank of America, using the branding and nomenclature of recently acquired subsidiary Merrill Lynch. The notes broaden the scope of exposure, with two offering participation in the Nikkei 225 and the Eurostoxx 50 alongside the S&P 500 in either a principal protected or accelerated growth structure.
The bank also launched Capped Leveraged Index Return Notes (Lirns) linked to the performance of the MSCI Eafe Index, which includes international equities, the MSCI Emerging
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