Credit Suisse issues first long/short CCO notes

Credit Suisse has issued the first long/short collateralised commodity obligation notes. The $190 million issue followed the April 17 publication of Derivative Fitch’s rating criteria for CCOs.

The AAA-rated notes are denominated in US dollar, euro and Australian dollar, across three- and five-year tranches, and offer protected coupon payments. The principal repayments are based on the performance of long and short positions on a portfolio of commodities.

The Swiss bank priced the five- and three

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