Reverse convertibles dominate as US supply slows

Reverse convertibles the mainstay of new products

Public issuance in the US slowed on March 12, though the contribution of fresh products from UBS continued. The Swiss bank accounted for six of the seven new products registered with the US Securities and Exchange Commission, five of which are structured as reverse convertibles on frequently used top-rated stocks, including Apple, General Electric, CSX Corp, Wells Fargo and Oracle.

The remaining new product from UBS is a two-year leveraged return note based on the Market Vectors Gold Miners ETF.

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