US Market Review, March 2024: JPM racks up US$770m with two convertibles

In March, 3,604 structured notes registered with the US Securities and Exchange Commission (SEC) were marketed with a total traded notional of US$12.0 billion, up 41.2% year-on-year (YoY) or 28.3% month-on-month (MoM), according to SRP data. The volume also broke the record set last August at US$11.3 billion, when Barclays sold US$450m of its synthetic convertible notes. This time, J.P. Morgan Chase Financial stood out with another two cash-settled notes set to mature in March which had a com