Russian bank launches first local CDO

The two-year 'Red Square' CDO is worth 6.7 billion roubles ($250 million) and is based on 40 local corporates. JP Morgan acted as structurer with Bank Zenit as portfolio adviser.

Previous emerging-market CDOs have been dollar- or euro-denominated, although Citigroup has developed a CDO that offers exposure to emerging market currencies with sovereign local senior unsecured debt: see Local opportunities, Risk, November 2006.

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