US Wrap: Leverage trades both ways for S&P 500 bulls

S&P remains the dominant theme, as the underlying for yesterday's seven new issues as well as all new deals launched since Tuesday. The mood is still overtly bullish on recovery, with every new launch featuring either upside or downside gearing, although at a much lower rate heading downwards. The top participation rate was 300%, for HSBC's Return Enhanced notes, which will be sold by JP Morgan.

The trend for non-bank issuers was continued, this time with an index-linked, accelerated growth product from Swedish Export Credit Corp, a deal arranged by Goldman Sachs.


Product type


Pricing date

Maturity date

Swedish Export Credit Corp

Accelerated Growth

S&P 500



Credit Suisse

Accelerated Growth

S&P 500

Feb 09 2009



Accelerated Growth

S&P 500

Feb 10 2009

Feb 22 2010




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