U.K. CDO Boutique Readies Leveraged Loan Deal

  • 09 Feb 2003
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Duke Street Capital Debt Management is planning to launch its second collateralized debt obligation, which will be backed by leveraged loans. Ian Hazelton, London-based chief executive, says the new deal, dubbed Duchess II, should close within the next six weeks. This deal will be slightly smaller than the E1 billion debut deal Duchess I, which closed in June 2001.

Duchess II will be in the E650 to E750 million range and will be underwritten by CIBC World Markets and Société Générale. Hazelton says the firm is concentrating on leveraged loans because the asset class has performed well through difficult credit times.

Duke Street has a team of nine portfolio managers who also act as analysts. Hazelton says the firm is considering segregating the duties and bringing in dedicated analysts. That decision will ultimately depend on the business' growth, he adds.

  • 09 Feb 2003

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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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4 Wells Fargo Securities 760.56 2 10.54%
5 BNP Paribas 598.25 2 8.29%