US Wrap: RBC brings reverse convertible total to 35
Royal Bank of Canada (RBC) has brought its total reverse convertible count in the US market to 35. The bank has broadened its scope to include the stock of exchanges as underlyings in the new clutch of notes, including Nasdaq and NYSE Euronext.
Unusually, a note is on offer which uses an exchange-traded fund rather than a single stock to gain broader exposure to the Brazilian equities market. The note links to the iShares MSCI Brazil Index Fund, paying a 10% annualised coupon for six months. If the fund drops below 75% of its initial value, and fails to recover by maturity, then investors will be repaid in fund shares.
Goldman Sachs offered an accelerated growth note linked to the Russell 2000 which offers 100% participation in the
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