Investors look east with first local debt-backed emerging market CDO

Bank Zenit, a Russian bank with a strong local corporate business, has issued the first collateralised debt obligation backed by Russian corporate debt.

Red Square, a synthetic trade with a portfolio of 40 local corporates, is denominated in Russian roubles and was structured by JPMorgan.

The $250m transaction is a rare opportunity for investors in structured credit to gain exposure to local currency debt.

Although emerging market CDOs have been issued before, this is a departure from previous

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