US Wrap: Wells Fargo finds favour following fine financials
Projections released last week by Wells Fargo that it will record a US$3 billion net income in the first quarter of 2009 were so well received by the stock market that the bank has again been used as an underlying, this time for a reverse convertible issued by Barclays Bank - one of two deals launched in the US yesterday. Barclays also launched a note linked to Wells Fargo earlier this week, as did ABN Amro and JP Morgan.
Barclays' latest structure includes a 20% annualised coupon on Wells Fargo shares over a six-month period, with a barrier of 50%. JP Morgan's, by contrast, offers the same terms but with only a 16% coupon. ABN's note offers identical terms to the Barclays note, despite its lower credit rating.
Issuer
Product type
Underlying
Pricing date
Maturity date
Barclays Bank Plc
Reverse Convertible
Wells Fargo
Apr 08
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