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Derivatives

INVESCO Offers First Long/Short CDO

Asset manager INVESCO is planning a second close next week of its first long/short synthetic collateralized debt obligation.

International asset manager INVESCO is planning a second close next week of its first long/short synthetic collateralized debt obligation. The deal, called Derby 2007-1 because the team managing the CDO is based in Louisville, Ky., is also the first synthetic deal in two years for the USD9.9 billion CDO manager. It was structured by Citigroup in New York and London. Officials at both firms declined comment ahead of its close.


The first piece closed two weeks ago at USD550 million and officials close to Derby expect the second offering to double its size. It consists of 100% credit-default swaps on a global portfolio of investment grade corporate bonds. It has been placed globally.

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