US Wrap: S&P 500 slips into minority as issuers hit the accelerator

Accelerated growth structures put in another strong appearance yesterday, representing the only structure on offer in five new issues for the second day in a row. The S&P 500 was an underlying for only one of the structures, as exposure continues to broaden out. The index has continued to post a lacklustre performance, which may explain why issuers are now beginning to turn further afield to find growth opportunities.

Up until now broadening exposure has meant either different versions of US equity, or tempering US equity exposure with international developed market stock index funds, such as with the Russell 2000 and the iShares MSCI Eafe Index fund, both also present in today's new offerings. Unusually, two of today's new launches play the emerging markets theme exclusively.

Both HSBC and JP Morgan have linked structures to the iShares MSCI Emerging Markets Index fund. The fund's underlying index