BNP launches second Dynamo credit CPPI

As with the first Dynamo series launched in July, the new issue will be managed using a variant of constant proportion portfolio insurance (CPPI) techniques, which BNP calls dynamic proportion portfolio notes.

BNP said the notes are designed to offer investors dynamic leverage on a portfolio of cash bonds and credit default swaps (CDS) without exposure to duration risk, which CAAM will manage using directional and relative value strategies. According to BNP, the €525 million of investment it

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