ABN AMRO is rolling out its novel constant proportion debt obligation structure to antipodean investors. The firm is marketing AUD100 million (USD76 million) and NZD100 million (USD63 million) of the fully rated capital-protected notes.
The two issues mirror the first public, fully rated constant proportion portfolio insurance notes brought to market by ABN AMRO last month (DW, 8/14). Tagged Rembrandt Australia and Rembrandt New Zealand, the latest offerings have both been rated AAA by Standard & Poor's. This rating addresses the risk associated with the coupons of the notes, the riskiest component, rather than just the principal invested.
Aussie and Kiwi investors have a tradition of investing in capital-protected deals, previously lapping up similar offerings such as Calyon's Credit SAIL, a series of CPPI notes referencing the CDX and iTraxx indices (DW, 12/2).
ABN officials referred calls to spokeswoman Jo Pope in London, who declined comment ahead of the deals' close.
