US Wrap: Industrial-based reverse convertibles dominate issuance

Reverse convertibles dominated yesterday's US public offerings, with Royal Bank of Canada (RBC) issuing most of the notes, and industrials providing the underlying on all but one of the notes, which is based on the Las Vegas Sands resort.

RBC's three-month reverse convertible notes linked to Las Vegas Sands pay a monthly income equivalent to a 13.6% annual rate. There is a 65% protection barrier, after which investors' capital will be lost at a rate of 1:1. The resort also provides the

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