Taiwanese CDOs go local

Multi-currency deal from Jih Sun could be first to offer NT$ tranche.

Deutsche Bank has closed what might be Taiwan's first local currency sale of synthetic collateralized debt obligations CDOs. The offer, which was created out of Deutsche's global risk book, was arranged for Jih Sun International Bank and is referenced to an investment grade portfolio of 100 international corporate and financial names.

Two-thirds of the notes are denominated in New Taiwanese dollars and the remaining third is in US dollars. The notional amount of the CDO portfolio is $2.36 billion and the three-year bullet notes are credit-linked to the AA tranche of the CDO. The notes were placed privately with Jih Sun, which in turn will sell them to...

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