Australia a CLN hotbed

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Credit-linked notes (CLN) issuance soared in Australia last year, with the volume of rated notes reaching A$1.5 billion ($1.16 billion) compared with A$240 million the previous year, according to ratings agency Standard and Poor’s (S&P).

By December last year, 40 series of notes were issued out of 10 CLN programmes, comprising seven single-name notes, three first-to-default baskets of between two to 10 names, and 30 portfolios of more than 10 names. Most recently, Commonwealth Bank of Austral

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