US Wrap: New stocks on the reverse convertible menu
Five new reverse convertibles have been released into the US market, offering exposure to three stocks absent from the space for at least a year. The new underlyings include equity from energy and credit companies.
Barclays Bank focused on energy for its pair, launching two notes linked to Southwestern Energy and AES Corp, which develops power projects globally. The latter offers a coupon of 17.5% over three months, with a stock barrier of 70%. If the stock falls below this level during the product's life and fails to recover to its initial value by maturity, then principal loss is 1:1.
ABN Amro launched
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