Polaris does first CBO transaction



Polaris Securities closed its first collateralised bond obligation (CBO) deal in Taiwan, worth NT$12.2 billion ($375 million).

The transaction comprises the issue of seven classes of trust certificates via a special-purpose trust. The five most senior classes, all due in 2013, are rated from AAA to BBB by Taiwan Ratings Corp.

The underlying asset pool comprises 19 Taiwan dollar-denominated notes, nine Taiwan dollar fixed-rate bonds and has a US dollar synthetic credit pool referenced to the Dow

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