US Wrap: Lively market focuses on energy and financials
The US market was showing convincing signs of life yesterday, with an impressive spread of 28 products launched by eight providers. The days of heaviest issuance have been dominated by reverse convertibles, but the structure only made up half of yesterday's figure.
Energy companies and financial stocks were the main focus of attention. Royal Bank of Canada launched an autocallable note linked to the US Natural Gas Fund. HSBC structured an accelerated growth investment giving exposure to the Oil Service HLDRS, an exchange-traded fund which incorporates 18 oil-producing stocks.
On the reverse convertible side, a selection of energy names made an appearance, including General Electric, Massey Energy, First Solar, Chesapeake and Conoco Phillips. Financial
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