US Wrap: Closing the week in emerging markets and S&P 500

Three structures were on offer last Friday, reverse convertible, kick out and accelerated growth products, with the increasingly common emerging markets accompanying the usual flurry of S&P 500-linked notes.

Morgan Stanley launched an autocallable note linked to the iShares FTSE/Xinhua China 25 Index Fund note, which will pay a return of between 16.20-20.20% after one year if the fund is at or above its opening level. If not, the product continues to the next six-month anniversary, when it will pay 24.30-30.30%, continuing to its two-year maturity if conditions are still not met. The structure incorporates 10% downside protection, beyond which capital will be lost 1:1.

A variety of plays on the S&P