US Wrap: Flights, financials and fairytales underlie new issues

Reverse convertibles again dominated the opening of the week in the US, making for six of the nine new issues. Wachovia opted for Boeing shares as an underlying, making the most of the re-emerging popularity of airline stocks, and Walt Disney for the two of the four notes that were issued by credit agency Eksportfinans. ABN Amro launched a six-month reverse convertible under its own name which links to the battered financial stock of JP Morgan. The note offers a 20% annualised coupon, with return of principal at maturity if the stock retains 50% of its level at strike.

HSBC, Wachovia and Credit Suisse all contributed to the regular smattering of S&P 500-linked accelerated growth products which point to a long-term recovery in the short to mid-term. HSBC's product lasts one year and offers 500% participation in the index, subject to a cap of 24-28%. Capital loss is 1:1 on the downside if index performance is negative.


Product type


Pricing date

Maturity date

Credit Suisse

Accelerated Growth

S&P 500

Feb 18 2009

Aug 24

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