RBC Goes On The Road For Foxe Basin

  • 03 Aug 2003
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The debt funds group of RBC Capital Partners, led by Daniel Smith, is marketing the firm's latest collateralized loan obligation, the $377 million Foxe Basin CLO. Citigroup is the lead underwriter for the deal, which will comprise primarily syndicated loans. Details on the timing of the notes that will back the CLO or how much of the collateral has been acquired already were not available.

RBC's debt funds group was formed in October 2001, following a mass defection from Indosuez Capital that included Smith, Lee Shaiman and Melissa Marano, the portfolio managers for the group. Smith and Shaiman were traveling in South Korea and could not be reached, while Marano did not return calls. An RBC spokeswoman was unable to confirm the deal.

While at Indosuez, the group managed seven CDOs. After leaving Indosuez, Smoky River CDO, formerly known as Indosuez Capital Funding IV, was transferred to RBC (LMW, 2/12). This deal was placed on watch by Moody's Investors Service prompted by the continuing loss of par and deterioration in the overall credit quality of the underlying assets (LMW, 12/22). Smoky River has periodically delevered, resulting in an increase in the senior overcollateralization ratio in the last year.

RBC has reportedly given the managers the mandate to launch up to two structured transactions a year. The debt funds group has allocated about 10-15% of the portfolio to middle-market debt originated by RBC's Principal Finance team. A Citi spokeswoman could not provide comment by press time.


  • 03 Aug 2003

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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

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5 Credit Suisse 37,323.31 115 5.73%