Product Snapshot: Skandia ramps up buffered CLNs

Skandia is issuing the 18 th tranche of its credit-linked note (CLN) linked to the CDS index iTraxx Crossover Europe. The Kreditindexbevis Europa 18 is a 4.8-year investment offering an annual coupon of 5%, if only nine credit events have occurred in the companies comprising the underlying index. This is different from most CLNs which usually only trigger the income payment if 10 or more companies from the basket incur in a credit event. The series 26 of the Markit iTraxx Crossover index compri