CypressTree CLO Bows Out Early

The $169 million of senior notes backing CypressTree Investment Partners II, a CDO managed by CypressTree Investment Management Co., have been fully repaid six years before the scheduled maturity.

  • 06 Aug 2004
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The $169 million of senior notes backing CypressTree Investment Partners II, a CDO managed by CypressTree Investment Management Co., have been fully repaid six years before the scheduled maturity. An investment manager explained that the 1998 transaction reached the end of its reinvestment period and then the rapid-fire prepayments of loans and refinancing of bonds caused the deal to prepay far quicker than was anticipated. The vehicle was 30% bonds and 70% loans.

"It's not surprising," said an analyst, who noted that the transaction had reached the end of its reinvestment period. "Because of the rapid prepayment of the loans it could not do anything with the money and so had to prepay quickly," he added. An official at CypressTree declined comment.

  • 06 Aug 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

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1 Citi 81,261.11 236 11.59%
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3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%