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At a glance: Deal type: Asset-backed commercial paper programme for Taiwan’s bond funds Lead manager: Lehman Brothers Date: First issued October 2005 |
Euromoney’s new award for deal innovation identifies new or creative deal structures that solve problems and are likely to prove seminal. Lehman Brothers’ clever asset-backed commercial paper (ABCP) deal for Taiwan’s bond funds fits that bill, as much for its innovative structure as for its underlying security.
The programme solved what might have become a systemic risk facing domestic institutional investors, principally bond funds, in Taiwan holding large sums of illiquid New Taiwan dollar-denominated structured notes, the coupons of which were inversely linked to US interest rates.
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