Goldman Shops AIG's Galaxy CLO

AIG Global Investment Group has tapped Goldman Sachs to lead its latest collateralized loan obligation, according to CDO sources.

  • 21 May 2004
Email a colleague
Request a PDF

AIG Global Investment Group has tapped Goldman Sachs to lead its latest collateralized loan obligation, according to CDO sources. The cash flow deal is called Galaxy III, but will be the sixth leveraged-loan back vehicle from AIG, which has just under $4 billion in par loan assets under management. The estimated size of the transaction is $300 million. Though recent deals for other loan managers have been upsized during the marketing phase, it is unlikely this deal will be upsized, a source noted. Officials at AIG declined comment.

The cost of funding for CLOs is very attractive right now, the source said, explaining the timing of the transaction. But sourcing quality collateral is still an issue, despite the recent weakening in the market, he said. Goldman is the sole lead arranger, but other underwriters could come on board at a later date, he noted.

Goldman led AIG's last vehicle, Galaxy 2003-1, which priced at the beginning of this year. The $232.5 million of triple-A notes priced at LIBOR plus 52 basis points, while the overall deal was priced at LIBOR plus 70 basis points all-in (LMW, 1/4). Price talk on the triple-A notes for the latest deal could not be determined. Goldman bankers did not return calls. The portfolio managers for AIG are John Lapham and Steven Oh.

  • 21 May 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 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 71,276.88 203 11.43%
2 Bank of America Merrill Lynch 61,036.24 167 9.79%
3 Wells Fargo Securities 49,686.14 144 7.97%
4 JPMorgan 48,878.75 140 7.84%
5 Credit Suisse 38,577.47 96 6.19%