US wrap: RBS favours precious metals reverse convertibles
Royal Bank of Scotland dominates the lastest US public issuance with its reverse convertibles, while precious metals hold their position as a popular underlying.
The last couple of issuances have seen reverse convertibles return as the preferred product, with Royal Bank of Scotland (RBS) issuing the majority in the latest offering.
Hecla Mining, an Idaho-headquartered precious metals mining company, is used for two products, one from RBS and one from Barclays.
The RBS reverse convertible linked to Hecla is a 10-month product. This is a longer term than most single-stock reverse convertibles in the US, which tend to have maturities of between three and
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