US Wrap: Reverse convertible issuance slows from dominant providers
Reverse convertibles made up five of the eight new products issued in the US market yesterday, signalling a continued uptick in the structure's popularity. However, it appears that the most aggressive providers are showing more caution than they were earlier in February. Barclays Bank launched just two notes, against its 25-strong offering last Thursday, and ABN Amro put a single note into the market, after issuing 16 in the middle of the month. Citi and Morgan Stanley dipped a toe in the water with a single note each.
Energy stocks continue to be popular, and biotech company Monsanto made its first appearance since January.
Issuer
Product type
Underlying
Pricing date
Maturity date
Barclays Bank
Reverse Convertible
Monsanto
Feb 24 2009
Aug 27 2009
Morgan Stanley
Straddle
S&P 500
Mar-09
Mar 20 2011
HSBC USA INC
Review
S&P 500
Feb 26 2009
Mar 16 2011
HSBC USA INC
Review
S&P 500
Feb 26 2009
Mar 17 2010
Citigroup Funding
Reverse Convertible
Ap
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