US wrap: Reverse convertibles back in favour

Demand in the US is swinging back to its regular staple in the form of reverse convertibles

coal
Barclays reverse convertible links to coal company

Reverse convertibles have re-established themselves as US investors' preferred structure. For some months, index-linked products were the most popular but the latest offerings have tipped the balance back in favour of the single-stock reverse convertible.

The structure is always the favoured product of Barclays Bank, which has issued a reverse convertible linked to coal mining company Massey Energy. The three-month product offers an annualised return of 20% with a 78% downside barrier, after

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