US Wrap: Barclays back with reverse convertibles
Barclays launched 11 reverse convertibles into the US market yesterday, its first significant chunk of issuance of the structure since its bumper day of 22 notes on March 19. The US equity-linked products constituted well over half of the 17 products issued yesterday.
Deutsche Bank incorporated three equity indexes into its accelerated growth structure: the Russell 2000, the S&P Midcap 400 and the S&P 500. Unusually, the S&P 500, which has been the dominant means of US equity exposure this quarter, enjoys only a 30% weighting in the index basket.
Each of the other products launched was linked to the S&P 500, barring one autocallable product, launched by Bank of America, which tracks the performance of the physically-backed SPDR Gold Trust. It lasts two years
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