Deutsche Bank credit team gets a Spanish lesson

Use of credit derivatives in structured products under scrutiny after BZ Gestion fund suffers losses

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Major dealing firms in Europe are increasingly concerned about the prospect of a regulatory backlash against the use of credit derivatives to structure retail investment products – just as the market for such products looked like it was taking off. Reports of problems at BZ Gestion, the Madrid fund management subsidiary of Spanish retail bank Banco Zaragozano, will not help their case.

According to market sources, BZ Gestion struck a deal with Deutsche Bank’s structured credit team in London ea

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