US Wrap: Acceleration steps back into fashion

Accelerated growth products were back in fashion yesterday in the US new issuance market, producing eight of the 13 products released The remainder were reverse convertibles, continuing the return of the recently beleaguered structure. For underlyings, all eyes have been on financials, especially since the market greeted the stress test results in so positively. Wells Fargo, with the second largest need for new capital, was the chosen stock for a reverse convertible from ABN Amro.

ABN also based a reverse convertible on JP Morgan stock; and, in turn, JPM offered an accelerated growth product on iShares MSCI Emerging Markets Index Fund. HSBC, meanwhile, offered an accelerated growth product based on the Financial Select Sector SPDR Fund.

The rest of the accelerated growth products were mostly attached to the fortunes of the S&P 500.


Products type


Pricing date

Maturity date

ABN Amro

Reverse Convertible

Wells Fargo

May 26 2009

Nov 30 2009

Credit Suisse


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