Inversis taps demand for CLNs on Spanish corporates

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The past 12 months have seen increasing demand in Spain for credit-linked notes (CLNs). Inversis Banco has responded by offering products in CLN format on subordinated debt, senior debt and first-to-default baskets, including corporate names from Portugal and Spain that the bank's researchers believed could not fall further as the risk of default dissipated.

"These companies - Telefonica, Portugal Telecom, Repsol - have been treated harshly during the crisis, but our research team believed they

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