Reversal of fortunes

Equity-linked notes

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Private banking clients have been fretfully eyeing events in the equity market since the turn of the year. With stock prices tumbling, billions of dollars of reverse convertibles - hugely popular with high-net-worth individuals - have redeemed into poorly performing shares. Other products have seen their maturities stretched beyond the point anticipated by investors, with no interim payment of coupon. With fewer notes redeeming at par - meaning less money available to be reinvested - dealers are

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