Fortis launches its first managed synthetic CDO
The UK-based bank said the novel structure provides investors with "transparency" and "greatly simplifies what would otherwise be a complicated structure." RBS also claimed that there has been "very strong interest" among investors, particularly for the lower rated tranches and the equity piece.
Rubens' capital structure is dominated by a €870 million super senior credit default swap. The remaining €130 million notional consists of five tranches of floating rate notes and a combination note.
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