US Wrap: Market snaps into action to kickstart week
The US market sprang to life yesterday, offering 10 new products, the majority of which were reverse convertibles, with Barclays Bank using the structure to give investors exposure to three different commodities: gold, silver and oil, each represented by their corresponding exchange-traded fund.
The gold note is linked to the SPDR Gold Trust, which pays an annualised coupon of 9.5% monthly and has an 80% downside barrier. The note is an unusual combination of one of the last safe-haven assets with a structure usually reserved for more risky plays. The underlying trust has attracted huge assets in the wake of the financial crisis, with physical gold holdings increasing to a record 1069 tonnes yesterday.
HSBC and JP Morgan also broadened exposure, both offering bullish trades on the
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