Wachovia Securities is planning to start posting the documentation for collateralized debt obligations it underwrites to a third-party site sponsored by The Bond Market Association. The move will raise the number of dealers posting their deal indentures to 10, including firms such as Merrill Lynch, UBS and Bear Stearns. Wachovia had been the most active dealer to not have its deals available to all qualified institutional buyers via the trade group's CDO Library (BW, 10/11), which was set up to promote transparency in the market.
A Wachovia structured credit lawyer referred questions to Jim Pierpoint, spokesman, who confirmed the plans. "We are going to post new deals going forward," he said, although he declined comment as to why the firm has lagged some of its peers in doing so.
Nadine Cancell, v.p. and assistant general council at TBMA, said there is documentation on 77 deals posted on the library as of earlier this month, compared to about 50 in October. The library went live in March. "It's definitely been picking up," she said.