US Wrap: HSBC looks back as JP Morgan dominates distribution

HSBC launched four autocallable products linked to the S&P 500 index yesterday, each offering different levels of risk and reward. The products range in maturity from one to two years, and one features downside gearing of 111.11%. Two of the HSBC notes will be sold by JP Morgan Securities.

Aside from selling two of HSBC's products, JP Morgan unveiled 12 launches of its own. A comprehensive array of its notes included three different structures and seven separate underlyings, with reverse convertible staples Microsoft and Apple now making regular reappearances alongside the usual smattering of S&P 500-linked products. The notes brought yesterday's issuance to 19, making it the market's busiest day since February 19.


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