Credit-linked structured notes linked to Chinese corporate bonds, and issued by special purpose vehicles that are full of either bonds or credit default swaps (CDSs), are being sold to private banks in Singapore and Hong Kong, with a slightly more complicated version of the same product including bonds and CDSs in the SPV.
The new notes, primarily linked to equity indexes and generally issued in US or Singapore dollars, may also be denominated in offshore Chinese renminbi (CNH), according to one
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