DB sets trend


Deutsche Bank has launched what it claims is the first synthetic European convertible bond. Within the structure, investors are essentially buying a credit-linked note (CLN) made up with an option to convert into equity.

The CLN is referenced on – and converts into equity in – Portuguese road toll operator Brisa. Deutsche Bank is able to issue what is in effect a Brisa bond by selling credit default swap protection on Brisa to another bank, which it then combines with a triple-A rated bond bought

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