US Wrap: Gas and gold in reverse convertibles
Barclays Bank has issued a reverse convertible note offering exposure to the US Natural Gas Fund, which tracks the movements of natural gas prices. The note lasts one year and pays an annualised coupon of 20%. It will convert into stock if the fund slips below 70% of its initial value at inception.
A second reverse convertible was launched by ABN Amro and links to the stock of Gold Fields, which extracts precious metals. It pays an annualised coupon of 12.3% over three months, with a 65% stock conversion barrier.
The new products were accompanied by three accelerated growth notes. Goldman Sachs has structured two investments using the external credit of Eksportfinans, which offer leveraged
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