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Derivatives

DWS Re-Opens Investment-Grade CDO

DWS Investments, the retail investment management arm of Deutsche Bank, has re-opened investment in a synthetic, investment grade collateralized debt obligation it closed last year.

DWS Investments, the retail investment management arm of Deutsche Bank, has re-opened investment in a synthetic, investment grade collateralized debt obligation it closed last year. The manager, together with deal arranger Barclays Capital, is marketing high-grade, Aa2-rated notes issued from its EUR500 milllion Euler CDO vehicle (DW, 12/16). The aim is to tap investors unable to get approvals in place for the December close and meet new demand, said Heikki Monkkonen, managing director in structuring at Barclays in London.

The new 10-year issue, which offers investors exposure to long only or long/short corporates and sovereigns, has a target notional of more than EUR150 million, bringing the total deal size to more than EUR600 million. It was arranged on the back of investor demand for exposure to high quality underlying, said Jöern Wasmund, head of Europen CDOs at DWS in Frankfurt. "They asked for more transparency and structures which are not as vulnerable to correlation changes," he said. It is being pitched to institutional investors in Asia, Europe, Canada, U.S. and the Middle East, he added.

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