US Wrap: Reverse convertibles return

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UBS reverse convertible tracks motoring company Ford

Reverse convertibles have returned in style. The entire issuance – with one exception – consists of these products and unusually most come from Royal Bank of Canada (RBC).

The reverse convertibles follow the usual recent themes of energy, resources, metals, airline companies and resorts, and all the RBC notes have a maturity of three months.

There are a few reverse convertibles from UBS. The Swiss bank is a small player in the US market but it does issue on a fairly regular basis. Its reverse

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