Beyond the dollar

Credit-linked notes


Credit-linked notes (CLNs) denominated in local currencies but referenced to US dollar credit default swaps are becoming more popular in Asia, as investors throughout the region seek to enhance the meagre returns they get on plain vanilla fixed-income products, without taking on foreign exchange risks. Banks have been offering US dollar-denominated credit-linked notes to Asian investors for a couple of years, and now, in an effort to capture a wider domestic investor base, issuing

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