US Wrap: JP Morgan offers European growth with downside gearing

JP Morgan has launched a new accelerated growth note linked to the DJ Eurostoxx 50. The note offers 200% participation in the index over six months, with 111.11% participation in downside losses. Upside returns are capped at 10%.

The majority of launches which accompanied the unusual structure yesterday were reverse convertibles. Most of the notes came from Wells Fargo with the external credit packaging of Eksportfinans. ABN Amro joined with a single offering, which was the second note of the day linked to Microsoft. It lasts one year and pays a 9.5% annualised coupon, with a relatively high stock conversion barrier of 85%. Wells Fargo had also launched a six-month note linked to the stock, offering a barrier of 80% and