US Wrap: Blizzard of secondary credit bolsters issuance

Counterparty risk is still high on the agenda within the US market, with half of new launches were underwritten by credit separate from the issuing institution. Barclays Bank, Goldman Sachs, and Citi all used either Eksportfinans or Swedish Export Credit to manufacture their products.

Both Deutsche Bank and HSBC offered a twist on S&P 500 exposure by launching products linked to baskets of indexes. Deutsche stayed with the US equity theme, while HSBC's product was linked to international indexes alongside the S&P 500: the Nikkei225 and the DJ Eurostoxx 50. The Global Opportunity Notes last five and a half years, with 100% principal protection at maturity, and 100% participation in the basket's performance, which is equally weighted among all three indexes. Returns are capped

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