US Wrap: May Day flurry favours US equity

Ten new products were issued at the close of the US week, all linked to US equity. Over half of the new launches were reverse convertibles, issued by JP Morgan. Walt Disney, Microsoft and General Electric all featured as reference stocks among the notes.

The rest of issuance was patriotically dominated by the S&P 500 index. UBS issued both an accelerated growth product and a bull-bear play on the index; the latter only its 12th product for 2009. Credit Suisse, meanwhile, was offering 500% in index gains over either a 12 or 15 month period.

Issuer	Product type	Underlying	Pricing date	Maturity date
UBS AG	Straddle	S&P 500	May 26 2009	May 31 2011
J P Morgan Chase & Co	Reverse Convertible	Caterpillar	May 08 2009	Nov 13 2009
J P Morgan Chase & Co	Reverse Convertible	Freeport	May 08 2009	Nov 13 2009
J P Morgan Chase & Co	Reverse Convertible	Alcoa Inc	May 08 2009	Nov 13 2009
J P Morgan Chase & Co	Reverse Convertible	Walt Disney	May 08 2009	May 13 2010
J P Morgan Chase & Co	Reverse Convertible	Microsoft	May 08 2009	May 13 2010
J P Morgan Chase & Co	Reverse Convertible	General Electric	May 08 2009	May 13 2010
UBS AG	Accelerated Growth	S&P 500	May 26 2009	Jun 02 2010
Credit Suisse	Accelerated Growth	S&P 500	May 26 2009	Aug 31 2010
Credit Suisse	Accelerated Growth	S&P 500	May 29 2009	Jul 02 2010

Source: Future Value Consultants & SEC filings

For access to analysis of the US structured product market, visit www.structurededge.com