US Wrap: Scope broadens for growth products
Accelerated growth products using four different underlyings were launched by three different issuers into the US market yesterday. The new products included leveraged participation in the iShares MSCI Eafe (international equity) index fund, and the iShares MSCI Emerging Markets index fund, alongside two US equity plays: the staple S&P 500 and the Russell 2000 index.
Two providers offered products using the external credit of either Eksportfinans or Swedish Export Credit Corp: Morgan Stanley and Merrill Lynch. Citigroup launched a lone reverse convertible which gives investors exposure to Comcast equity - the note lasts one year and will pay between a 10-13% annualised coupon, with the exact level to be determined at pricing.
Issuer
Product type
Underlying
Pricing date
Maturity date
Swedish Export Credit Corp
Accelerated Growth
S&P 500
Jun-09
Sep-10
Morgan Stanley
Strad
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