IXIS Capital Markets is gearing up to structure capital-protected products on the U.S. credit index using constant proportion portfolio insurance, following the recent launch of its European product. "There should be ample interest for this structure based on the U.S. index," said Brett Clancy, director in credit structuring in Tokyo.
Clancy said the firm, which he believes was one of the first to offer a principal-protected CPPI product referenced to the European iTraxx index (DW, 5/6), will begin offering a version referenced to the more volatile CDX index in the next quarter globally.
