Barclays launches new CCO

Barclays Capital has launched Everest I, a managed version of the collateralised commodity obligation (CCO) structure it has helped pioneer.

Barclays launched its original CCO in December 2004, offering debt-like payouts from a basket of commodity trigger swaps. Underlyings included energy and precious and non-precious metals. The new product will be managed by TCW Asset Management, a Los Angeles-based CDO specialist. TCW will be responsible for selecting and managing the portfolio.

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