BarCap and Deutsche launch bespoke CPDO

Barclays Capital and Deutsche Asset Management have come to market with the first fully managed bespoke constant proportion debt obligation (CPDO).

In CPDOs, the leverage is mechanically altered in line with the performance of the portfolio. The structure has two important trigger points: the cash-in point, where the target profit is achieved and realised, and the cash-out point, where the deal is unwound at 10% of the initial portfolio net asset value.

The first-generation CPDOs were exclusivel

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