Winner: Surf

In our monthly roundup of innovative deals in the credit markets, we highlight ABN Amro's groundbreaking Surf deal, Calyon's Confluent CLO and Landsbanki's dollar issue

ABN Amro cemented its position as a frontrunner in structured credit with the launch of the market's first constant proportion debt obligation (CPDO). The deal was launched via special-purpose vehicle Chess II and is part of the Surf CPDO programme.

Steve Lobb, global head of credit and alternative derivative marketing at ABN Amro in London, says the transaction marks a seminal move for the market. "We think this is the single most important invention in the structured credit markets since the