BNP launches second dynamo Credit CPPI

News in brief

BNP Paribas is launching the second series of its Dynamo hybrid cash and credit derivative notes, which will again be managed by Credit Agricole Asset Management (CAAM).

As with the first series launched in July, the new issue will be managed using a variant of CPPI techniques, which BNP calls dynamic proportion portfolio notes.

BNP said the notes are designed to offer investors dynamic leverage on a portfolio of cash bonds and credit default swaps (CDS) without exposure to duration risk, which

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