GSC Continues CDO Build Up

The rolling tide of collateralized loan obligations in the pipeline continues as GSC Partners aims to complete the approximately $440 million GSC Partners CDO IV.

  • 01 Dec 2003
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The rolling tide of collateralized loan obligations in the pipeline continues as GSC Partnersaims to complete the approximately $440 million GSC Partners CDO IV. The deal is said to comprise at least 75% leveraged loans and is underwritten by Lehman Brothers. The remaining bucket is for high-yield bonds, according to a source. Thomas Libassi, a managing director at GSC, and Mark Zusy, a managing director at Lehman did not return calls. There is an AMBAC Asset Assurancewrap on the senior notes, a source said.
 
GSC has more than $4 billion in assets under management. The last GSC fund completed was Gemini Fund Ltd. 1, which is backed by middle-market loans (LMW, 9/29/02). The firm, which was previously known as Greenwich Street Capital Partners, also has approximately $1.5 billion invested in private equity, about $525 million in distressed assets and a mezzanine fund. 
 
PSERS,the public pension fund of the school employees of the Commonwealth of Pennsylvania, invested $80 million in the latest CLO, according to a document from the fund. Calls to officials at PSERS were not returned by press time and it could not be determined if it had made other allocations to the sector.
  • 01 Dec 2003

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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

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1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%