JP Morgan debuts Alerian note using Bear licence
JP Morgan has launched a new exchange-traded note (ETN) linked to the Alerian MLP (master limited partnerships) Index. The bank acquired rights to the index following its purchase of ailing US investment house Bear Stearns 12 months ago, which previously owned the licence.
JP Morgan's note will trade alongside the original ETN that Bear launched linked to the index, which was listed on the New York Stock Exchange in July 2007. The BearLinx Alerian MLP Select Index ETN was only the eighth note launched on the NYSE and the first to pay income on a quarterly basis. It was also the bank's only ETN offering.
JP Morgan has issued the new deal because it could not increase the size of the existing Bear deal post-merger for legal reasons, says Nikki Tippins, managing
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