Reinventing the wheel

2006 stands out as a bumper year for product innovation: from ABN Amro's first constant proportion debt obligation - Surf - and Lehman Brothers' rated equity deal - Bison - to the host of constant proportion portfolio insurance variations and multi-asset class managed synthetics. Dealers have been locked in fierce competition to produce new, ever more complex deals. At the same time, tight credit spreads have pressurised arrangers to push the boundaries of product development in an attempt to

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