Index-linked synthetic CDO debuts

Synthetic collateralised debt obligations (CDOs) have proliferated since JP Morgan’s landmark Bistro deal in 1997. But despite their popularity, their cost and limited collateral diversification has left both hedgers and investors dissatisfied.

JP Morgan Chase is now attempting to tackle these issues with what is thought to be the first index-linked credit portfolio transaction to hit the market. The private deal is closing this month, so the US bank declined to reveal its size, but the

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