Lehman and Pioneer complete managed CPDO

Lehman Brothers, with Dublin-based asset manager Pioneer Investments, has closed its first managed constant proportion debt obligation (CPDO), called Ulisse Capital.

The €135 million deal, rated Aaa by Moody’s, will pay a coupon of 100 basis points above Libor. It is thought to be the first managed CPDO transaction to be priced.

Francesco Cuccovillo, London-based executive director in structured credit trading at Lehman Brothers, says that the managed aspect of the deal reassured investors who

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