US Wrap: Market gets new lease of energy
Issuance is gathering pace in the US market with 16 new launches coming into the market, two of which were energy trades. Bank of America grasped the theme with both hands, linking a highly geared growth product to the Energy Select Spdr fund.
The product offers 500% participation in the fund, with no downside buffer. Upside performance is capped at 44-48% and the note lasts two years. Barclays plunged itself into the reverse convertible space with nine notes, including its own energy play. The structure linked to Massey Energy, paying a coupon of 14.25% annualised over three months, with a stock conversion barrier of 70%.
Issuer
Product type
Underlying(s)
Pricing date
Maturity date
Barclays Bank
Reverse Convertible
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