Calyon and Forsyth Barr issue CPPI first in New Zealand

French investment bank Calyon has partnered with the New Zealand-based bank Forsyth Barr to launch the first structured credit transaction using constant proportion portfolio insurance (CPPI) in the New Zealand market.

Credit Sail, the 6.5-year NZD fixed-rate notes, are expected to be rated AA as to principal 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

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