Germany's Commerzbank is looking to add its name to the list of international players selling synthetic collateralized debt obligations in Asia. "It's still the early days for us, but with the other players selling this we've got to be up there," said Mike Plant, senior dealer in Hong Kong.
The firm has started speaking with clients in Asia about such products and hopes to close its first deal within the next few months. The CDOs will likely be referenced to U.S. and European credits, which would provide regional accounts with diverse exposure, noted Plant. Product structuring will still be handled out of London and the firm's existing marketers will sell the instruments in Asia.
