First retail credit CPPI launched in New Zealand

The first credit product offered to retail investors in New Zealand using constant proportion portfolio insurance (CPPI) techniques has been launched by French bank Calyon and Forsyth Barr, a New Zealand stockbroking and investment advisory firm.

The NZD$100 million ($63 million) transaction, called Credit Sails, comprises 6.5-year fixed-rate notes that will pay quarterly coupons of 8.5% a year, and are expected to be rated AA on the principal by Standard & Poor’s. Returns are linked to the per

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