GSC Continues CDO Build Up

The rolling tide of collateralized loan obligations in the pipeline continues as GSC Partners aims to complete the approximately $440 million GSC Partners CDO IV.

  • 01 Dec 2003
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The rolling tide of collateralized loan obligations in the pipeline continues as GSC Partnersaims to complete the approximately $440 million GSC Partners CDO IV. The deal is said to comprise at least 75% leveraged loans and is underwritten by Lehman Brothers. The remaining bucket is for high-yield bonds, according to a source. Thomas Libassi, a managing director at GSC, and Mark Zusy, a managing director at Lehman did not return calls. There is an AMBAC Asset Assurancewrap on the senior notes, a source said.
 
GSC has more than $4 billion in assets under management. The last GSC fund completed was Gemini Fund Ltd. 1, which is backed by middle-market loans (LMW, 9/29/02). The firm, which was previously known as Greenwich Street Capital Partners, also has approximately $1.5 billion invested in private equity, about $525 million in distressed assets and a mezzanine fund. 
 
PSERS,the public pension fund of the school employees of the Commonwealth of Pennsylvania, invested $80 million in the latest CLO, according to a document from the fund. Calls to officials at PSERS were not returned by press time and it could not be determined if it had made other allocations to the sector.
  • 01 Dec 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 2,454.09 9 13.89%
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3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%