Deutsche Bank Plots More RMBS CDOs

  • 07 Aug 2006
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Deutsche Bank is preparing a follow-on collateralized debt obligation to an unmanaged residential mortgage-backed securities CDO. The first STAtic ResidenTial CDO (START) 2006-B, is set to close month-end and was doubled to USD1 billion ahead of pricing July 24, structurers said. It is a cash-flow structure referencing 100% pay-as-you-go credit-default swaps on recent vintage RMBS.

The follow-up deal will have different collateral--details of which could not be determined--but a similar structure to 2006-B. It will be the sixth deal in the START series and third this year. Deutsche Bank issued three START deals last year and is considering adding a high-yield deal to the START range.

2006-A and 2005-B each were USD1 billion and 2005-A and 2005-C each were USD500 million. Each had different collateral.
  • 07 Aug 2006

All International Bonds

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4 Goldman Sachs 192,023.30 615 6.15%
5 Barclays 183,846.60 703 5.89%

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1 HSBC 28,458.91 116 7.05%
2 Deutsche Bank 26,902.99 90 6.67%
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4 BNP Paribas 21,217.62 120 5.26%
5 Credit Agricole CIB 19,454.23 112 4.82%

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4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,111.93 58 6.40%