BMO gains stronghold in the US issuance with raft of reverse convertibles

Capitol Hill in Washington DC
US issuers focus on revcons

The latest issuance is dominated by reverse convertibles, the majority of which come from Bank of Montreal (BMO), a less prolific issuer in the US market than many of its competitors.

There are a couple of names that appear more than once as underlyings. Lululemon Athletica is used by both BMO and JP Morgan as an underlying for a reverse convertible.

BMO's product has a six-month term, pays a 15% annualised rate and has a 75% downside barrier. JP Morgan's product has a three-month term, an annua

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