Sales of Notes Tied to Global Stock Basket Surge
U.S. investors are buying 65 percent more notes linked to a basket of U.K., European and Japanese stock indexes this year, spurred by a 12 percent average gain in the benchmarks since May.
Banks have sold $908 million of U.S. notes tied to the Euro Stoxx 50 Index of the 50 largest euro-area companies, the U.K.’s FTSE 100 Index, and Japan’s Tokyo Stock Price Index, known as the Topix Index, making the basket the most popular this year, according to data compiled by Bloomberg. They issued $549 million of the securities during the same period last year.
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