US Wrap: Market banks on S&P 500 growth

Merrill Lynch used Swedish Export Credit as the issuer for its accelerated growth note, and offered 200% participation in the index, an upside cap of 18-22% and a 10% downside buffer over two years. Deutsche Bank offered a note with similar terms but with half the maturity - the upside cap is 15.2% and participation in index losses below the buffer will be 111.11%.

Credit Suisse launched two notes with the highest participation rates on offer. A note lasting 18 months gives 400% participation up

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