SGAM Alternative Investments has sold almost $400m of what it describes as retail's first principal-protected access to the first-loss tranche of a liquid, globally syndicated CDO backed by investment grade credit default swaps. The product's coupon increases as credit spreads widen. Topaz was structured and placed in partnership with Deutsche Bank to retail investors in Australia and high net worth clients in northern Europe. “In launching Topaz on the market, SGAM Alternative Investments confi
