Merrill Lynch launches first rated CFXO

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The bank is expecting to generate between €500 million and €1 billion from the structure, but declined to give details of individual deals done. It did however say that between five and 10 deals linked to the equity tranche were closed over the last month with institutional investors in Western and Eastern Europe. Bigger deals on the rated tranches are expected to close across Europe by mid-June.

The deals can have maturities of three to five years. Merrill expects the AAA-rated tranche to

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