Cargo II

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Credit Suisse's debut collateralised commodity obligation (CCO) is, according to the Swiss bank, the first in the market to feature a long/short structure. Cargo II, a $190 million transaction denominated in euros, Australian dollars and US dollars, and comprising three- and five-year tranches, was designed to appeal to investors unsure about long-only investments following recent volatility. The tranches offer 195 and 180 basis points over three-month Libor or the equivalent respectively.

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