UBS tops issuance with reverse convertibles linked to financials and natural resources

Coal mining by Strategic Natural Resources
Natural resource-based reverse convertibles from UBS

UBS registered 34 reverse convertibles with the US Securities and Exchange Commission (SEC) last week, almost all of which are based on financials or energy and natural resource stocks.

The 15 natural resource and energy-linked reverse convertibles all have short terms, with the longest at one year and the shortest at just three months. There are some hefty returns on offer, with those linked to Alpha Natural Resources and Chesapeake Energy paying annualised rates in excess of 20%.

A three-month

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