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
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