US Wrap: Goldman Sachs appears as both issuer and underlying
Goldman Sachs issued three products into the US market yesterday using its own paper, while simultaneously appearing as the stock underlying for a reverse convertible launched by JP Morgan. Goldman unveiled three accelerated growth products, bringing the total number of products it has issued this year to 16. The bank has also put its name to another seven, but used the issuing paper of either Swedish Export Credit or Eksportfinans.
JP Morgan launched the ninth reverse convertible of the year linked to the bank's shares. The note lasts three months and pays an annualised coupon of 21%, which equates to 1.75% per monthly payment, with a stock barrier of 50%. JP Morgan also launched two autocallable products linked to the S&P 500, which have either six month or 18 month maturities.
Issuer
Product type
Underlying
Pricing date
Maturity date
J P Morgan Chase & Co
Reverse Convertible
Goldman Sachs
Mar 26 2009
Jun 30 2009
J P Morgan Chase &
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