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CPDO for Pioneer Back  
Pioneer Investments, the Dublin based asset manager, has transacted its first managed constant proportion debt obligation (CPDO) with Lehman Brothers.

Called Ulisse Capital, the deal is thought to be the first managed CPDO transaction to be priced.
CPDOs are typically static structured products that sell protection on the five-year iTraxx and CDX credit default swap (CDS) indexes, making gains by rolling over these positions to the newest versions of the indexes every six months.

The CPDO's structure enables Pioneer Investments to dictate the product's overall level of leverage, which will increase to a maximum of 15 times but begin at half this figure, and to short the five-year, seven-year, and 10-year iTraxx and CDX indexes at its discretion, as well as single names.

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