The constant proportion debt obligation (CPDO) market has taken a step forward with the launch of two second-generation trades. The deals are both managed, building on the first wave of algorithm-based structures.
Lehman Brothers and Pioneer Asset Management were first out of the traps with Ulisse Capital, a EUR135 million 'managed-lite' deal. Like the first generation of CPDOs, Ulisse Capital is based on the iTraxx and CDX credit default swap indices. It differs from previous deals by using
The week on Risk.net, July 7-13, 2018Receive this by email