US Wrap: Volumes soar and reverse convertibles are back
The market is back on form, with a week's worth of issuance in one offering. Most of the new issuance is made up of reverse convertibles from Barclays and Royal Bank of Canada. Metals and energy are two of the themes that emerge, although there is huge diversity in the underlyings.
Royal Bank of Canada has issued a reverse convertible based on Peabody Energy, an international coal supplier. The six-month investment pays 11.75% annual returns and has an 80% downside barrier, after which capital
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