Barclays Capital and Deutsche Asset Management have come to market with the first fully managed bespoke constant proportion debt obligation (CPDO). Called Alhambra, the deal references a portfolio of corporate single-name credit default swaps (CDSs).
The first-generation CPDOs were exclusively static portfolios of index exposures, split between the CDX and iTraxx indexes. In the first managed versions, the index component of the portfolios was combined with some single-name CDSs. In this tran