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Derivatives

BNP Rolls Out Yen-Denominated CDO

BNP Paribas recently issued a JPY160 billion (USD1.35 billion) private synthetic collateralized debt obligation in Japan, with plans to issue another this month. Stephane Delacote, head of credit derivatives in Tokyo, said, "This has become a regular business for us now." He added that the private deal was the sixth CDO for the French bank in Japan. "Now we're working to get number seven out," he said, adding that the next CDO could be out later this month. Delacote said there is still steady demand in Japan.

The CDO, part of the Serena Finance series that began last year and was the first of its kind (DW, 11/14), is denominated in yen and referenced solely to Japanese credits, according to Delacote. He declined further comment on the structure of the portfolio.

 

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