Henderson Plans First Synthetic Managed CDO

  • 06 May 2002
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Henderson Global Investors is working on its first EUR1 billion (USD903 million) managed synthetic collateralized debt obligation. The deal, dubbed Baltahazar, is being structured by JPMorgan and is expected to hit the market in June, according to officials familiar with the transaction. Officials at JPMorgan and Henderson declined comment.

The deal will have a seven-year maturity, which is unusual for a synthetic deal as the liquidity in credit-default swaps is in the five-year sector. Rival structurers said it probably chose the seven-year sector to give CDO investors diversity in the maturity of their deals. They added that this is easier with a managed deal than a static deal because the manager will be actively trading the swaps.

  • 06 May 2002

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