Single-stock underlyings dominate latest US issuance

Issuers take their pick of single stocks to underlie products

Issuance volumes have tailed off in the past few days compared to the previous week. Reverse convertibles remain the product of choice but review products on single companies also account for a significant proportion of new products.

Royal Bank of Canada has issued two such review products. The first is a one-year product tracking the stock of Aruba Networks. It has monthly review dates and will terminate early if on any of those dates the underlying is equal to or above its starting level, with