Calyon and ANZ launch Australian credit CPPI notes
Calyon and ANZ have launched what they say are the first credit constant proportion portfolio insurance (CPPI) notes for the Australian market. They are called Credit Sail and offer 100% principal protection.
This latest issuance follows several other capital-protected long/short credit CPPI deals, which have consisted of cash bonds and single-name and index credit default swaps. Axa Investment Managers recently collaborated with both Calyon and ABN Amro with their Ocean and Synergie notes, respectively. BNP Paribas, meanwhile, is rolling out the second tranche of its Dynamo notes arranged with Crédit Agricole Asset Management, after having found €525 million of investment for its first tranche, launched in July.
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