Credit Suisse launches CCO

Credit Suisse has launched its first long-short collateralised commodity obligation (CCO). The deal comprises $190 million of notes denominated in US dollar, euro and Australian dollar, across five-year and three-year tranches.

The coupon payments are protected, while the principal repayments are based on the performance of long and short positions on a portfolio of commodities. The Swiss bank priced the five-year and three-year tranches at a spread of 195 basis points and 180bp over Libor (or

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