Merrill Lynch launches first rated CFXO

Merrill Lynch has launched the first rated and managed collateralised foreign exchange obligation. The product is managed by Crédit Agricole Asset Management, and rated by Standard & Poor's.

The bank expects to generate between €500 million and €1 billion from the structure, but declined to give details of individual deals done. It did however say that between five and 10 deals linked to the equity tranche were closed over the last month with institutional investors in Europe. Bigger deals on the

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