US Wrap: Improving construction industry used for Barclays notes

cranes — Barclays gives US market access to construction industry

Clare Dickinson
24 May 2010

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Reverse convertibles tracking stocks of companies that are involved in the construction and manufacturing industry issued by Barclays feature heavily in the latest US issuance. The US construction industry is growing, with 14,000 extra jobs created in April, according to the Labor Department.

The Reverse Convertible Notes linked to Gerdau, a Brazilian company that produces and sells steel internationally, are three-month notes, paying an annual coupon of 12%. There is an 80% barrier; if it is

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