Structured products
A tangled web
One year on from the collapse of Lehman Brothers, administrators are still trawling through the complex web of special-purpose vehicles launched by the broker-dealer. A number of lawsuits have resulted - and the rulings could see US and UK courts at…
Opening cards
Unprecedented losses on credit card loans are haunting banks and could cause pain for investors in credit card asset-backed securities (ABSs). But despite this, dealers say government support has rehabilitated the market for credit card ABSs. Mark…
US Wrap: UBS and JP Morgan vie for space in reverse convertibles
UBS and JP Morgan have both released a handful of reverse convertible notes into the US structured products market. The notes included financials (Citi, Wells Fargo and Bank of America) and commodity equities (US Steel and Freeport McMoran).
Asia comes of age
Dealers are increasingly offering exchange-traded funds (ETFs) to retail investors to give them access to asset classes and instruments traditionally not available to them. At the same time, regional exchanges are trying to bolster their ETF business. Is…
UK Wrap: Walker Crips offers new at risk growth plan
There was a bumper issuance of 24 structured products last week, thanks mainly to Investec launching its 11th collection of plans.
US Wrap: US & Asia plays close week
A mix of nine different US and Asian equity plays brought the US market to a close last week. Citi launched two new notes - both a reverse convertible and an accelerated growth note. The latter was linked to the performance of the S&P 500 index, offering…
Firm or flexible?
Fonchim, Italy's largest occupational pension scheme, has been spared the worst of the fallout from the credit crunch thanks to tough investment laws. But the question over whether to loosen asset restrictions may be back on the table. Blake Evans…
Quantitative easing: A licence to print money?
The Bank of England's quantitative easing programme has been widely credited with helping stave off economic depression in the UK – for the time being at least. But what impact has it had on the outlook for inflation?
Profile: Henrik Raber
Standard Chartered's new head of capital markets in Europe, America and Africa speaks to Credit about where he sees growth opportunities in the months ahead
ESG: Credit investing with a conscience
Making investment decisions based on environmental, social and governance (ESG) factors isn't just a woolly-minded 'trendy' move designed to appease the hairshirt-wearing green lobby. It actually makes financial sense, as Caroline Harrison of ASSET4…
US Wrap: Morgan Stanley offers Asian ETF exposure
The US market has adopted a new twist, and it is nothing to do with reverse convertibles. Morgan Stanley has launched a new product linked to the performance of Asian exchange-traded funds (ETFs). The product incorporates exposure to four Asian regions:…
US Wrap: RBC chases reverse convertible flurry with autocallable
Royal Bank of Canada (RBC) has chased its bumper issuance of reverse convertible notes with a kick out product linked to the S&P 500 index. The note will redeem with a return of 13.25% if the S&P 500 is at or above its initial level when the product…
Market questions UNG's influence
The US Natural Gas Fund (UNG), an exchange-traded fund (ETF) that tracks the prompt-month US natural gas price by buying Nymex futures and Nymex / ICE Henry Hub swaps, has caused controversy by building up a large market position.
US Wrap: RBC brings reverse convertible total to 35
Royal Bank of Canada (RBC) has brought its total reverse convertible count in the US market to 35. The bank has broadened its scope to include the stock of exchanges as underlyings in the new clutch of notes, including Nasdaq and NYSE Euronext.