Tenors get tastier as Bank of Montreal launches Abercrombie & Fitch reverse convertible

Achievement on beach
How long is that product tenor?

Tenors have been extended even further in the US public issuance market, with the six-year principal-protected note based on the S&P 500 index registered with the Securities and Exchange Commission (SEC) by Morgan Stanley surpassing the five-year product with the same structure and underlying registered by Goldman Sachs the previous day.

Three more banks have followed the lead of Goldman in registering five-year products with the SEC. The investments are all based on the S&P 500 and include an u

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