Structured credit

WINNER: CHEYNE CREDIT SPI

Arranger: JPMorgan

In August, JPMorgan and London-based hedge fund Cheyne Capital Management launched a novel long/short credit tranche fund with capital protection, Cheyne Credit SPI. Having collaborated on the deal since early 2005, the two partners structured and set up the risk systems around the derivatives-based transaction.

Marketed globally to structured credit investors and alternative investment accounts, the eight-year deal sold $300 million on its first clo