BNP launches new Thunderbird mezzanine CDO, Dresdner tightens spreads for repeat Alexandria

BNP Paribas and Dresdner Bank this week both launched synthetic CDOs, offering investors exposure to portfolios of highly rated asset backed securities.

Thunderbird Investments plc Series 1, launched by BNP, issued $119m equivalent of triple-A rated funded notes denominated in euros, dollars, Swiss francs and yen.