Calyon joins ANZ to issue Australia credit CPPI first



Calyon, the French investment bank, and ANZ Investment Bank of Australia have launched the first structured credit transaction using constant proportion portfolio insurance (CPPI) in the Australian market.

Credit Sail, the six-year collateralised Australian dollar floating notes, are rated AAA by Standard & Poor's. The returns are linked to the performance of two investment-grade credit indexes (the Dow Jones CDX.NA.IG and the iTraxx Europe). The notes are part of the Credit Sail series, whic

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