HIMCO, Pru Take Over Cigna CDOs

Two out of the three collateralized debt obligations that were held by Cigna Investment Management have been transferred to Hartford Investment Management and the third is being transferred to Prudential Investments.

  • 07 May 2004
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Two out of the three collateralized debt obligations that were held by Cigna Investment Management have been transferred to Hartford Investment Management and the third is being transferred to Prudential Investments. Cigna's bank loan team, headed by Mike Bacevich, went over to Hartford last March, but the investors in the CDOs had the right to decide whether the assets of approximately $1 billion across the three structured vehicles, would move over with them, explained Andrew Kohnke, managing director at HIMCO.

Kohnke said it was always hoped the CDOs would move over with the team, but it was not assured, as the equity investors in the vehicles held the cards. The TimesSquare SERVES 2001-1 deal and the Trumbull Rated Loan Fund 2003-1 were the two deals transferred to Hartford, totaling approximately $700 million. The third deal, also a TimesSquare SERVES transaction, is now controlled by Prudential, said Kohnke. Ross Smead, portfolio manager for Prudential's leveraged bank loan division, declined to comment. A Cigna spokesman did not return calls.

  • 07 May 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 75,310.44 219 13.28%
2 Bank of America Merrill Lynch 66,692.14 207 11.76%
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4 JPMorgan 40,793.11 141 7.20%
5 Credit Suisse 32,293.17 98 5.70%