Regulators have given their blessing to the issuance of credit-linked notes (CLNs) over a decade after structured notes became available in Brazil.
The Central Bank of Brazil has approved Resolution No. 5166, which permits the use of credit reference assets for structured notes, which are locally referred to as certificado de operações estruturadas (COEs). Effective from 2 September, the resolution, proposed by the National Monetary Council (Conselho Monetário Nacional, or CMN), has set out ‘less restrictive’ issuance requirements for COEs with a focus on credit-linked COEs, known as CLNs in internatio
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