Introducing CCOs

Barclays Capital has launched a derivatives product – dubbed a collateralised commodity obligation – that gives fixed-income investors the opportunity to access the commodities market. It is part of a recent trend to use innovative structures to eke out returns in an increasingly tight market. Saskia Scholtes reports


After a massive 149 basis points of spread tightening on the Lehman Credit Index since October 2002, portfolio managers are being forced to look for opportunities outside their traditional asset classes. For those with a degree of flexibility in their investment mandates, Barclays Capital recently launched the first structured product to give fixed-income returns from a portfolio of commodities-based derivatives.

The new product, dubbed a collateralised commodity obligation (CCO), offers

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