US Wrap: Wells Fargo makes surprise return to reverse convertibles
Wells Fargo has launched four new reverse convertibles in the US, packaged with the external credit of Eksportfinans. The bank used to be one of few institutions that held a triple-A rating, which has now been downgraded to Double A.
The bank is marketing notes linked to the stock of Nike, InterContinental Exchange, Palm and Halliburton, transcending sector exposures. The notes all last for three months and one of the highest coupons available is for the structure on Palm stock, which will pay 14-16% annualised.
The Oil Service Hldrs exchange-traded fund made the second appearance in two days, this time in an accelerated growth note from HSBC. It offers 300% participation in the fund over six months with an upside cap of 30
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