Cerberus sees better value in its mezz than the market
Cerberus Capital Management is retaining all the mezz bonds for its refinancing of the Vantage portfolio of UK mortgages. As a financial sponsor, Cerberus would usually make full use of the leverage available in securitization, and sell a full capital structure, but if the market can’t hit its price targets for the mezzanine bonds, it would rather buy them itself than sell them cheap.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article: