Development has continued in the constant proportion debt obligation market with the launch of two fully managed structures claiming market firsts. JPMorgan launched what it says is the first rated and fully managed CPDO, called Cairn CPDO I. The 10-year deal is managed by Cairn Financial Products and closed on June 22. Meanwhile Barclays Capital and Deutsche Asset Management launched what they describe as the first fully managed bespoke CPDO.
First-generation CPDOs, which first hit the marke