US Wrap: Principal protection holds its appeal

Principal-protected notes continue to have appeal in the US, this time allied to emerging markets exposure. Barclays' principal-protected note is based on the MSCI emerging markets index fund and is a five-year product with 100% participation in any rise in the index and 100% capital protection at maturity.

The rest of the US public issuance is small but varied, with reverse convertibles leading the way and Royal Bank of Canada offering one based on Research in Motion, a frequently used