HSBC and Cairn close long/short CPPI strategy[QQ]

HSBC and Cairn Financial Products, a subsidiary of hedge fund Cairn Capital, have closed a new long/short credit CPPI transaction called Mints. The strategy invests in tranches of the iTraxx Europe and Dow Jones CDX investment-grade indices, generating positive carry from the long positions, while maintaining a broadly credit market neutral position.

The seven- and eight-year notes, denominated in dollars and euros, pay Libor+150 and Euribor+150 respectively. Cairn will manage the ratio of

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