Investors wanting to make a sector bet on banks can now do so through a single security.
The first note linked to the movement of a basket of regional bank stocks has started trading. One million of the Lehman Regional Bank Stock Upside Note Securities were offered at $25 Nov. 29 and mature Dec. 5, 1996.
The amount payable at maturity varies according to how far the bank basket is above the original value of 100. The securities will return no less than $23.75 at maturity. Among the 20 corporations in the basket are: Barnett Banks; First Chicago Corp.; Hibernia Corp.; and U.S. Bancorp.