Commodity Note Sales Outside U.S. Drop as Gold, Brent Crude Fall

Offerings outside the U.S. of structured notes tied to commodities declined 31 percent in the first half from a year ago, following a drop in prices for gold and Brent crude oil, the most-linked assets.

The number of deals in the first half fell to 378 from 550 a year earlier, according to data compiled by Bloomberg. Offerings tied to Brent crude declined 20 percent to 147, and those tied to gold dropped 33 percent to 52, the data show.

Gold futures plunged 27 percent through the end of June, the worst first-half performance since 1981, while Brent crude fell 8 percent amid its longest run of quarterly losses in 15 years.

Banks from Goldman Sachs Group Inc. to Credit Suisse Group AG last month cut their forecasts for the metal, while UniCredit SpA and Bank of America Corp. did the same for Brent amid signs the Federal Reserve is closer to ending stimulus measures.

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