US Wrap: Barclays continues reverse convertible momentum
Issuance surged in the US market yesterday as Barclays launched 22 reverse convertible notes, adding to the eight it launched yesterday. The new products represent a turnaround for the market, with total issuance for the week now at 55, already double last week's issuance for all five days.
The same themes are making consistent reappearances in the reverse convertible market - energy, agriculture and oil being three, with the latter including drilling stocks as remaining oil reserves become increasingly difficult to find. Credit Suisse and JP Morgan added three products to Barclay's deluge of notes, two autocallable products linked to the S&P 500, and an extra reverse convertible from JP Morgan which links to Transocean, an offshore drilling company.
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