OREANDA-NEWS. Bank ZENIT and Bank JP Morgan have carried out launching of the unique project for the Russian market - CDO (Collateralized Debt Obligation) on the basis of the managed portfolio of rouble-denominated corporate bonds.

The volume of the transaction which was named Red Square makes $250 million, term before repayment - 2 years.

The base portfolio is generated from rouble-denominated bonds of 40 Russian emitters of the second-and-third echelons which risks are transferred in structure of Red Square synthetically by means of CDS swaps.

The notes issued on the basis of CDO are nominated in roubles with calculations in US dollars in the systems Euroclear/Clearstream.