US Wrap: ABN picks up reverse convertible pace
ABN Amro launched six new reverse convertible products into the US market yesterday, mainly focusing on energy and metals. In the latter sector, exposure to steel, copper, gold and aluminium was offered through three different notes. Alcoa, which produces aluminium, offers one of the highest coupons, paying 15.5% annualised over six months with a 55% conversion barrier.
JP Morgan was the only financial underlying on offer, packaged into the 16th note offering exposure to the bank launched this year. Investors opting for the structure will receive a 13.25% annualised coupon over six months with a barrier if the stock falls below 60% of its initial value.
Issuer
Product type
Underlying
Pricing date
Maturity date
ABN Amro
Reverse Convertible
Freeport
May 26 2009
Nov 30 2009
AB
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