US wrap: Bank of Montreal joins issuance as single emerging markets remain popular

Bank of Montreal has returned to the US public issuance market with its first listing in several years, a reverse convertible on financial services firm KeyCorp.

The product has a three-month term and pays an annualised rate of 15.1%. It features a 70% protection barrier, after which capital is lost at the rate of 1:1. The product scores a moderate 6.1 overall, but the riskmap is low at 2.9.

Credit Suisse and Morgan Stanley – both of which are infrequent participants – are also offering new

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