SG markets new CPDO

Société Générale is marketing its first constant proportion debt obligation (CPDO). The French bank is in the middle of book-building, and hopes to launch the deal at the end of February.

The aim is for the CPDO to reach €150–200 million in size, says Tony Venutolo, head of structured credit at SG in London.

As credit spreads continue to contract to record tight levels and spread widening is anticipated, structurers have sought to introduce a short capability into many types of structured credit

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