RBC leads issuance with natural resources reverse convertibles

Coal mining by Strategic Natural Resources
RBC issues resource-linked reverse convertibles

The latest US issuance consists almost entirely of Royal Bank of Canada (RBC) reverse convertibles, many of which track companies involved in supplying natural resources.

One product is based on steel producer and manufacturer US Steel. It has a six-month term and offers a return equivalent to 9.5% a year and a downside barrier of 80% against any fall in the underlying stocks.

Another resource-based reverse convertible from RBC tracks the stocks of Northern Oil and Gas, a Minnesota-based oil and

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