Bear Stearns recently structured a JPY100 billion (USD839.3 million) synthetic collateralized debt obligation--the firm's largest CDO in Japan. The static portfolio is referenced to 100 Japanese credits, according to participants familiar with the transaction. Officials at Bear Stearns declined comment.
The CDO consists of five tranches: an equity tranche, single A, AA, AAA and a super senior tranche and has been sold to domestic clients, according to market officials.
