Deutsche Bank and AXA Investment Managers have launched a new vehicle – Newlands Financial – which joins the two long-established companies in this sector, Primus Financial Products and Athilon Capital. The new vehicle will write protection at the super-senior level but has buckets for triple-A and double-A risk. As such it competes in the same space as monoline insurance companies, which have established a lucrative business writing protection at this level (see Euro Heloc deal given test run, Euromoney July 2006).
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