US Wrap: JP Morgan furthers reverse convertible comeback
JP Morgan kicked off the week by launching 12 reverse convertible notes into the US market yesterday. The former favourite structure of the space appears to be making a comeback after market volatility suppressed volumes last year, as the product represented over half of all new issues last week including 20 notes from ABN Amro.
Themes covered in yesterday's launch included construction, with notes linking to Caterpillar and US Steel Corp equity, and financials, with notes giving exposure to the stock performance of Goldman Sachs, Wells Fargo and NYSE Euronext. Two different notes were offered linked to the shares of General Electric, both 12 month and six month versions, with 17.25% and 15% annualised coupons respectively.
Issuer
Product type
Underlying
Pricing date
Maturity date
UBS AG
Accelerated
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