Barclays issued today the first synthetic convertible registered note in the US market since August last year. The note is linked to the stock of Autodesk and sold for $1.1m. Synthetic convertible notes are similar to reverse convertible notes in that they provide investors with a fixed coupon along with additional market potential if the underlying performs above a certain level. Unlike reverse convertible notes the payout is in the form of cash. The fixed coupon is typically at a low level, bu