Structured products
US Wrap: ABN Amro joins reverse convertible rally
ABN Amro has launched 20 new reverse convertibles, giving further weight to the resurgence of the structure kicked off by Barclays earlier in the week when it launched 48 notes.
Distribution veteran joins Advisors Asset Management in US
Brian Jones has been hired by Advisors Asset Management (AAM), the broker dealer firm, as managing director of retail sales distribution, exiting his position as managing director, head of equity derivatives sales for the Americas at Macquarie Capital…
US Wrap: Calm after reverse convertible storm
Product issuance returned to its usual flow in the US market yesterday, with only three new reverse convertible notes coming in the wake of Barclays' 46 earlier in the week.
US Wrap: Barclays floods market with nearly 50 reverse convertibles
Barclays Bank has made an emphatic leap into the reverse convertible market in the US by launching 46 of the notes. On what was certainly the busiest day of the year, five other issuers brought the total number of products released to 59.
SocGen launches into US deposit space with Wells Fargo certificate
Société Générale (SG) has wrapped its proprietary long short strategy, Wise, into a certificate of deposit (CD) issued by Wells Fargo. The CD links to a volatility controlled version of the strategy, the SGI Wise US Vol Target 8% Excess Return Index.
US Wrap: Market gets new lease of energy
Issuance is gathering pace in the US market with 16 new launches coming into the market, two of which were energy trades. Bank of America grasped the theme with both hands, linking a highly geared growth product to the Energy Select Spdr fund.
US Wrap: Equity plays close the week
ABN Amro issued nine reverse convertible at the close of last week in the US market, linked to the usual equity plays. All of the new structures have maturities of three months. One of the highest coupons on offer was 18.75% annualised, linked to the…
US Wrap: Reverse convertibles take the lead from growth products
Reverse convertibles made up just over half of new issuance in the US market yesterday, taking the lead back from the accelerated growth products which have been dominating recent activity. The notes were launched by both JP Morgan and Wells Fargo, which…
US Wrap: Accelerated growth products gather momentum
Accelerated growth products dominated market activity in the US again yesterday as their issuance continues to gather pace. However, exposure is widening beyond US equity, as a note from Deutsche Bank showed.
US Wrap: Goldman Sachs pushes boundaries of downside gearing
Goldman Sachs has launched a new accelerated growth note linked to the S&P 500 index which gears investor participation on the downside. The three-year trade gives investors 150% participation in the S&P 500's upward moves up to a cap of between 45-55%…
ETFs still flying high
Exchange traded funds have become established as popular investment tools. There are still challenges ahead, but there is no doubt of the growing importance of ETFs to investors. Margie Lindsay examines the future prospects for these vehicles.
What is on offer
ETFs possess characteristics that make them an alternative to futures and portfolios of shares for investors who are seeking to gain or reduce country, regional, sector and style as well as fixed-income and commodity exposure.
Convertible bonds issuance set to grow in second-half 2009
Investment rally in equities and credit keeps up momentum as investors benefit
Safety advice
Feature
Rays of hope
Structured products
PPIP blip
Mortgage-backed securities purchases will begin in August under the US Treasury's Public-Private Investment Program. But analysts say holders of the paper may be unwilling to part with their toxic assets at any price. Peter Madigan reports
Back to repack
Despite the flak off-balance-sheet vehicles have received since the onset of the financial crisis, dealers report increased use of special-purpose vehicles by investors looking to repackage assets. Why are investors looking to these repackaging vehicles…
US Wrap: Market banks on S&P 500 growth
The US market has turned back to S&P 500-linked products, with accelerated growth structures linked to the index making up half of new issuance yesterday. Principal protected and autocallable structures were also launched on the index.
US Wrap: Citi offers up two reverse convertible trades
Citi has joined in the slow but steady trickle of reverse convertibles coming into the US market. The bank has issued two notes, one offering exposure to the stock of mining company Vale, and the other to General Electric (GE). The structures are more…
CDS: Spreads move in both directions across the regions
Credit default swap 5-year mid-levels for structured products issuers (Wednesday July 29)
US Wrap: ABN Amro continues slow trickle of reverse convertibles
ABN Amro is continuing its slow and steady release of reverse convertible notes into the US market, launching a structure linked to General Electric stock. It pays an annualised rate of 9%, with a barrier of 70%. If the stock falls below this barrier and…
Ice Clear Europe launches CDS clearing
Ice Clear Europe, the facility set up by Atlanta-based central counterparty (CCP) IntercontinentalExchange (Ice) for the clearing of European credit default swaps (CDS), has obtained regulatory approval and started clearing operations.
CDS: Spreads widen again after run of tightening
Credit default swap 5-year mid-levels for structured products issuers