US Wrap: Morgan Stanley mixes fund and index for multiple exposure
The recent momentum in the US structured products market continued to the end of last week, with 13 new issues launched on Friday. Among the offering was an unusual six-month trade from Morgan Stanley which gives exposure to both European and emerging market equity.
The underlying basket is equally weighted between both the DJ Eurostoxx 50 Index and the iShares MSCI Emerging Markets Index Fund. The participation rate is 200% with an upside cap of between 8-15%. Chinese equity and real estate exposure were also on offer. Citi opted for the external backing of Swedish Export Credit to launch a note linked to the iShares FTSE/Xinhua 25 Index Fund , while Morgan Stanley unveiled a second note on the iShares Dow Jones Real Estate Index.
The mainstay of issuance
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