US wrap: Reverse convertibles see recovery in volumes

wall-st — Access to US banks provided through reverse convertibles

Clare Dickinson
06 Jul 2010

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Issuance has shifted back to reverse convertibles, mainly issued by JP Morgan, which has been a growing presence in the market in recent offerings. Two of its products are based on the stocks of large US banks.

One of these products is a one-year reverse convertible based on Goldman Sachs. It pays an annual return of 10.25% and has a 75% downside barrier after which capital is lost at the rate of 1:1.

The riskmap rating on the product is 4.2, which is a moderately low score, reflected by the

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