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Derivatives

BGI CDO To Re-Open Globally

Barclays Global Investors' first managed collateralized debt obligation in the U.S. is reopening its equity tranche--with principal protection--to new investors.

Barclays Global Investors' first managed collateralized debt obligation in the U.S. is reopening its equity tranche--with principal protection--to new investors. Structured by Deutsche Bank in the fall, it was first priced in December and will be priced again in February and March to allow access to investors unable to get approvals in place in time for the December close. Tom Taggart, a spokesman for BGI, was not available for comment, and a structuring official at Deutsche declined to comment.  

 

The CDO consists of primarily investment-grade corporate credits and BGI is pitching USD300 million-equivalent of capital-protected notes linked to its equity tranche. The CDO is managed out of San Francisco by BGI and has been dubbed Carneros, after the Napa Valley vineyard.

 

The road show went through Europe, Asia, the Middle East and Australia and attracted primarily European investors to its first pricing. More global investors are expected to participate in the coming pricings.

 

 

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