HSBC has issued a USD1 billion synthetic CDO referenced to a portfolio of investment-grade corporate credits. Rick Ziwot, managing director and head of structured credit products at HSBC in New York, said the CDO, dubbed the Tranched Investment Grade Enhanced Return Securities or TIGERS transaction, was split into six tranches.
The weighted average rating of the five year deal is Baa1, according to Ziwot, who declined further comment.
