Reverse convertibles: the disclosure debate

Getting the balance right

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How to get the right balance of quantity and quality of disclosure?

Reverse convertible securities have been the most prolifically issued structured note in the US in the past few years. High-net-worth investors with a bullish viewpoint on a stock can reach out to potential issuers through the reverse inquiry process and choose the structured note linked to an underlying of choice. Moreover, mainstream retail investors have been flocking to reverse convertibles, drawn in by the high coupons being offered on well-known names.

But cases have come to light of mis

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