Inversis taps demand for CLNs on Spanish corporates
Increased activity in credit-linked notes based on Spanish corporates has been the main feature of Inversis Banco’s latest structured product offerings. Jonathan López hears how Spanish investors are regaining confidence on local names that suffered during the financial crisis
The past 12 months have seen increasing demand in Spain for credit-linked notes (CLNs). Inversis Banco has responded by offering products in CLN format on subordinated debt, senior debt and first-to-default baskets, including corporate names from Portugal and Spain that the bank's researchers believed could not fall further as the risk of default dissipated.
"These companies - Telefonica, Portugal Telecom, Repsol - have been treated harshly during the crisis, but our research team believed they
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