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Derivatives

Deutsche Bank Launches Credit Fund

Deutsche Bank and Schroder Investment Management are marketing a low-levered hybrid cash and synthetic credit fund.

Deutsche Bank and Schroder Investment Management are marketing a low-levered hybrid cash and synthetic credit fund. Called Atlas, it will be levered about one-and-a-half to two times and target real-money investors. Officials described it as an alternative to the pair's recent highly levered constant proportion portfolio insurance-wrapped credit fund Navigator (DW, 9/22), which targeted more traditional fixed income investors. Details of the fund's investment strategy could not be determined. Deutsche Bank officials declined comment ahead of the deal's close.

Atlas will be issued in five-, seven- and 10-year maturities in both U.S. dollars and euros and has a target size of USD250 million equivalent. It has a Fitch Ratings fund rating of A minus.

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