US Wrap: Credit Suisse is lone presence in Friday’s market
Credit Suisse was the only issuer in the US structured products market on Friday, in a quiet close to a relatively active week. The bank issued three products, all linked to the S&P 500; two accelerated growth and one autocallable structure. The kick-out product matures with a coupon of between 14-16% after one year provided that the S&P 500 is at 85% or above of its level at strike. If the index falls, there is a downside buffer of 15%, but beyond that point downside participation will be 117.65%, one of the highest rates seen in the US market this year.
The previous day was dominated by reverse convertibles, as Barclays Bank issued 11 of the notes. In total, the week counted 40 new notes, 38 of which were linked to US equity in various plays.
Issuer
Product type
Underlying
Pricing date
Maturity date
Credit Suisse
Review
S&P 500
Apr 27 2009
Jun 02 2010
Credit Suisse
Accelerated Growth
S&P 500
Apr 27 2009
Jul 30 2010
Credit Suisse
Accelerated Growth
S&P 500
Apr 30 2009
May 07 2010
Source: Future Value Consultants & SEC filings
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