Calyon is marketing globally a lower-rated and higher-yielding version of R-Evolution, its new leveraged credit notes. The French bank started marketing a AAA version last month as an alternative to constant proportion debt obligations (DW, 12/1). Both AA and AAA notes are available in seven- and 10-year maturities. The seven-year AA product will have an initial leverage factor of seven and a maximum of 10 and will yield 160 basis points. The 10-year AA version will have initial leverage of eight times and a maximum of 11 times and will yield 280 bps. This compares with 180 to 200 bps for the AAA product. Ally Chow, global head of credit markets, product management and syndicate at Calyon in London, said Calyon is considering offering a A-rated version to investors wanting yet higher risk and higher spread. Moody's Investors Service is expected to finalize rating for both versions this week.