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.
Issuer
Product type
Underlying
Pricing date
Maturity date
Swedish Export Credit Corp
Accelerated Growth
S&P 500
Feb-09
Aug-10
Credit Suisse
Accelerated Growth
S&P 500
Feb 09 2009
n/a
HSBC USA INC
Accelerated Growth
S&P 500
Feb 10 2009
Feb 22 2010
HSBC USA INC
Review
S&P
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