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Neuberger Berman fund launch offers rate rise hedge

Asset manager Neuberger Berman on Wednesday began marketing a $200m London-listed closed end fund that will play to fixed income investors’ fears of rising global interest rates. The fund will buy a portfolio of non-investment grade senior secured loans — giving investors access to a floating rate product that will target a first-year dividend yield of 5%.

  • 23 Feb 2011

The bookrunners for the IPO are Dexion Capital and Oriel Securities. The deal — for which a prospectus is planned for mid-March with listing in April — has been structured with several discount control and transparency features protecting investors from the shares trading below net asset value.

It ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
View full table
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
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1 Citi 12,356.92 41 13.22%
2 Bank of America Merrill Lynch 10,716.42 32 11.47%
3 Barclays 8,716.58 27 9.33%
4 JPMorgan 7,774.38 29 8.32%
5 Wells Fargo Securities 7,444.83 29 7.97%