US Wrap: RBS leads with financial reverse convertibles

RBS reverse convertibles dominate issuance

Reverse convertibles are again the focus of issuance, signalling a return to normality in the US offering, although they have been issued by Royal Bank of Scotland (RBS), with no sign of any supply from regular issuer Barclays.

Underlyings continue to feature financials, with RBS issuing a three-month reverse convertible based on Goldman Sachs. The product pays an annual coupon of 10%, which is a moderate rate compared with many in the market. There is a 75% protection barrier and if that is

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