Managed succession



Lehman Brothers and Dublin-based asset manager Pioneer Investments have just launched what is believes to be first ac tively managed constant-proportion debt obligation (CPDO), and several other banks are about to follow suit with similar products. These are seen as the second generation of CPDOs that may resolve some of the issues inherent in the initial round of products - static instruments based purely on credit indexes, led by ABN Amro's Surf deal last June. But they are unlikely to rem

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