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Derivatives

Japanese Bank Readies Structured Product Rollout

Tokyo-based Aozora Bank plans to start marketing sophisticated structured products, including options on credit-default swaps and collateralized debt obligations referenced to small and medium-sized enterprises.

Tokyo-based Aozora Bank plans to start marketing sophisticated structured products, including options on credit-default swaps and collateralized debt obligations referenced to small and medium-sized enterprises. Keji Sugimoto, general manger of the product origination department, said the move is prompted by Japan's improving domestic economy and customers increasing familiarity with structured products.

Sugimoto also noted that Aozora will likely structure synthetic collateralized debt obligations on Japanese corporates, but given the relatively limited credit universe it will probably take several months before it launches a product. Aozora established a credit derivatives desk last year to tap into the growing domestic market (DW, 3/24/03).

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