New Zealand welcomes first retail credit CPPI deal

French bank Calyon and Forsyth Barr, a New Zealand stockbroking and investment advisory firm, have launched the first credit product offered to retail investors in New Zealand using constant proportion portfolio insurance (CPPI) techniques.

The NZD$100 million ($63 million) transaction, called Credit Sails, comprises six-and-a-half year fixed-rate notes that will pay quarterly coupons of 8.5% a year, and is expected to be rated AA on the principal by Standard & Poor's. Returns are linked to the

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