Deutsche executes record synthetic CDO

Deutsche Bank has issued a €2.2 billion collateralised debt obligation, which assumes the risk of a portfolio of synthetic products managed by UniCredit Group (HVB).

Deutsche says this is the largest synthetic CDO trade to date. The deal references various structured credit products on HVB's books, including long/short, managed and also static CDO positions.

The equity and mezzanine tranches total €2.2 billion, which amounts to €8 billion of overall risk, given the variety of three- to seven-year

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