State Street Global Advisors is starting to market globally its first public managed synthetic investment-grade collateralized debt obligation. The expected USD500 million deal is called Primoris--Latin for first and foremost. It will include a 15% short bucket, of which up to 10% may be loan-only credit-default swaps. It is being structured in New York and London by Deutsche Bank.
John Morton, lead portfolio manager at SSGA, did not immediately return a call, and Neil Servis, global head of synthetic CDO origination and distribution at Deutsche Bank in London, declined comment ahead of its close.
