US Wrap: Index scope broadens beyond S&P 500
Two indexes besides the usually dominant S&P 500 were seen in the US market yesterday: the S&P Midcap 400 and the Dow Jones Industrial Average. The Midcap is making its first appearance of the year, while the Dow Jones has not been used since January as a single product underlying. Merrill Lynch used the external credit of Eksportfinans to launch an accelerated growth structure linked to the Midcap. The year-long product offers 300% participation up to a cap of between 30-34% with no downside protection.
AK Steel Corp, which is the reference stock for one of ABN Amro's reverse convertible products, is also making its debut for 2009. The note pays an impressive 28.75% annualised coupon, with a 60% stock barrier.
Issuer
Product type
Underlying
Pricing date
Maturity date
EKSPORTFINANS ASA
Accelerated Growth
S&P MidCap 400 Index
May-09
Jul-10
Bank of America
Accelerated Growth
S&P 500
May-09
Sep-12
Bank of America
Pri
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