US wrap: RBC confirms reverse convertible rally
The reverse convertible flood has continued in the US market, largely helped by Royal Bank of Canada which has just launched 16 of the notes. Barclays has launched an additional two notes, bringing its total to 35 for the latest bout of issuance, ABN Amro contributed two notes, and Morgan Stanley issued two reverse convertible structures using the external credit of Eksportfinans.
RBC also launched one of the racier products to hit the market recently, an autocallable fund-linked note which offers exposure to emerging markets equity. The kick-out product is linked to the iShares FTSE/Xinhua China 25 Index Fund and the iShares MSCI Brazil Index Fund, with equal weighting. It matures after six months provided that both funds are at 80% of their initial level, in which case it pays a 25% coupon. Capital is not protected below the 80% level.
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