Buoyant issuance in Malaysia, Belgium and France; reverse convertibles linked to pharma companies have been less affected than growth products, notably the leverage long with stop loss; US breakdown – CVS Health losing ground in sales, Merck records sustained growth.

The leading countries in terms of issuance of products linked to pharma companies in 2019 were respectively Austria with 52.41K issued products; Germany – 21.16K; Switzerland, at 12K; USA at 1.02K; and France, with 0.62K. A year later, the Austrian market was the most prolific with 34.77K products, followed by Germany (17.34K), Switzerland (7.72K), France (0.84K) and Hong Kong (0.74K) . The strong issuance activity in the French market resulted in a 37.01% rise, which pushed the US pharma-base

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