The Royal Bank of Scotland is in the market with a synthetic collateralized loan obligation that will reference senior and mezzanine leveraged loans. The deal is expected to be E500 million and is called Skye CLO I. RBS will enter into a super senior credit default swap of E300 million and purchase junior credit protection from Skye for approximately E200 million, according to a source. Skye will then issue a variety of notes. This is the second synthetic CLO from RBS that taps the leveraged loan asset class. The firm raised debt backing a deal called Cairngorm in 2001. Officials from RBS did not return calls.
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Wells Fargo Securities||16,128.82||45||9.63%|
|4||Bank of America Merrill Lynch||15,717.90||52||9.38%|