Winner: Dynamo


$50 million tap of series II of BNP Paribas’ Dynamo deal in April brought the total size of the transaction to a remarkable $900 million, making it the largest CPPI product on the market, and our Deal of the Month for this issue. Dynamo takes credit CPPI – constant proportion portfolio insurance – to another level by enabling the manager to adjust the degree of leverage of the portfolio. Hence the title: dynamic proportion portfolio notes.

Demand for the notes has been steadily increasing since

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