Merrill to launch managed CFXO

Merrill Lynch will launch the first managed collateralised foreign exchange obligation (CFXO) this month. The deal, to be managed by Credit Agricole Asset Management (CAAM), will be rated by Standard & Poor's (S&P) and is intended to make foreign exchange palatable as an asset class to a broader universe of investors.

The deal combines the structural features of a collateralised debt obligation (CDO) - subordination, tranching and a rating - with exposure to the foreign exchange markets.

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