UBS Investment Bank has raised sales of over $945m for Fisher Enhanced Big Cap Growth Securities, the second-highest sales figure recorded by any structured product provider throughout the history of the US market, according to SRP data.
The one-year note can terminate on any day that the level of the Russell1000 Growth Total Return Index is more than 30% below its initial level. If the knockout event does not occur and the product continues to its intended one year maturity, it will pay back capital in addition to a participation of two times the rise in the index over the term, reduced by an adjustment factor (equal to the 3-Month USD Libor for each quarterly period during the investment period plus 0.15%).
The only structured product to have gained higher sales than the new UBS note is Morgan Stanley's Senior Fixed Rate Step-Up Callable, which sold $1.1bn in August 2010. There are no other products that have ever been issued that have reached close to these totals.
The next best-selling structure in the US market is another Morgan Stanley Senior Fixed Rate Step-Up Callable Note, which sold $625m.
The closest UBS has come to such a historic figure previously is through an $83m-selling principal protected note, which matured in February 2009.
Enquiries made to UBS Investment Bank were not returned by press time.