US Wrap: Natixis and Goldman opt for external credit

Half the notes launched in the US market yesterday were underwritten by credit agencies, as counterparty risk concerns continue to stalk the market. Goldman Sachs opted for Swedish Export Credit Corp as the issuer for two accelerated growth structures, one linked to the S&P 500 and other to the MSCI Eafe index. Natixis, meanwhile, used Eksportfinans paper for two reverse convertible notes - common practice for the bank which has been using Eksportfinans since before the Lehman collapse. The notes are only the bank's third foray into the space since the beginning of the year.

Deutsche Bank listed another note which tempers S&P 500 exposure with a broader international reach across equities, in the form of the iShares MSCI Eafe index fund. and US markets, by also linking to the S&P 400 MidCap and Russell 2000 indexes.

Issuer

Product type

Underlying(s)

Pricing date

Maturity date

Deutsche Bank AG

Accelerated Growth

MSCI Eafe index fund, Russell 2000, S&P 500, Mid-Cap 400

Mar 26 2009

Jun 30 2010

EKSPORTFINANS ASA

Reverse Convertible

JP Morgan

Mar 06 2009

Sep 11 2009

EKSPORTFINANS ASA

Rev