US Wrap: Post-holiday rush sees reverse convertible flurry
ABN Amro issued nearly all the 13 notes issued in the US yesterday, of which 11 were reverse convertibles linked to a variety of the usual suspects, such as US Steel, JP Morgan, Freeport, Caterpillar and Wells Fargo, and the slightly less common pharmaceutical stock, Merck & Co. Reverse convertibles have become ABN's main staple over the past 12 months, with alternative structures only occasionally appearing in its issuance programme.
Morgan Stanley issued a single reverse convertible of its own linked to Target Corp, the online retailer, clearly undeterred by this week's announcement of lower than expected US retail sales for March. JP Morgan shunned US equity altogether and linked a growth product to the iShares MSCI Emerging Markets index fund, remaining one of few issuers willing to broaden exposure beyond US borders.
Issuer
Product type
Underlying
Pricing date
Maturity date
Morgan Stanley
Reverse Convertible
Target Corp
Apr 23
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