US Wrap: Strong issuance run stalled by Doughnut Friday

Issuance in the US structured products market ground to a halt on Friday - the second blank day in a fortnight. The number of deals has been increasing lately on the back of increased confidence, although providers have still been looking to external credit agencies to repackage products, as fears over counterparty risk are evidently still stalking investors.

Eksportfinans has been the main focus of this business recently, underwriting 11 products so far this month, in comparison with only a single structure from Swedish Export Credit for June. A sign of increasing confidence has been the broadening of scope beyond the S&P 500 index for underlyings, with four products this month linking to the iShares MSCI Emerging Markets Index Fund. The US equity benchmark remains a firm favourite though - 28 products linked to the index will price this month.

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