Collateral replacement

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Jean-Eric Pacini, BNP Paribas

The clamour for structured products issued by collateralised special purpose vehicles (SPVs) has abated since the turbulent period following the onset of the financial crisis, the demand remains healthy enough to encourage the creation of new structures, especially those aimed at institutional buyers.

The bankruptcy of Lehman Brothers in September 2008 sent some product manufacturers scrabbling for new ideas to restore faith in the credit element of their structured offerings. For others, it was

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