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Bank of America Securities has begun to market an E1 billion collateralized debt obligation, called Anchor CDO I, that is unique in that it will be the first CDO to feature a junior super senior tranche. Mitch Braselton, head of global structured products marketing for Europe, The Middle East and Africa at BofA in London, says one motivation behind structuring a deal like Anchor is that monolines and reinsurers--super senior swap providers--have changed their criteria and are more demanding about the amount of subordination in a deal.

Massachusetts Financial Services is prepping a $300 million real estate collateralized debt obligation for pricing in the first half of next month, says a CDO market participant. The offering will be the second CDO originated by this Boston-based manager. Wachovia Securities will be the underwriter for this transaction, called Crest Dartmouth Street 2003-1. Michelle Tan, v.p. at Wachovia, declined to comment. Joshua Marston, portfolio manager at MFS, did not return calls by press time.

Broadwing is working toward an amendment in conjunction with a five-point restructuring plan that will allow the company to deal with its burdensome maturities and amortization. "The most critical issue is getting the bank deal done," said one analyst. The current plan calls for the maturity on the revolver to be extended by 16 months. Pricing on the revolver will be increased to LIBOR plus 4%. Bank of America is the syndication agent on the credit and Citigroup is administration agent. Credit Suisse First Boston and Bank of New York are co-documentation agents.

Crown Cork & Seal paper was active last week in anticipation of a refinancing, but there is some skepticism concerning whether investors will buy into the new deal. The market for the name has ticked up to the 97-98 range from the 92-93 range, where it was quoted last month. "It's a good solid credit, but some people just don't do the asbestos game," noted one dealer.

Citigroup/Schroder Salomon Smith Barney has tapped Stephanie Ziar for its London-based securitization research effort. Ziar is an internal transfer from the securitization origination desk, says Richard Pagan, co-head of European credit research in London. Ziar reports to Pagan. The securitization research position had been vacant since last August, when Shaker Sundaram left to join UBS Warburg as an asset-backed salesman (BW, 8/25).

WEEKLY UPDATE The final week of the month saw another round of robust issuance with $7 billion of investment-grade volume and over $6 billion of high-yield issuance coming to market. This brings the month-to-date investment-grade volume to $53 billion, but slightly more than $20 billion of that falls into the supra/sovereign category. This helps explain why technicals in the more narrowly defined corporate sector remain strong. Thirty billion dollars odd of corporate supply represented no problem for a market intent on over-weighting credit for the year and the payment of over $17 billion in maturities during the month has helped augment demand. An active week in the high yield sector has helped reduce the four-week moving average rating to A- from an annual high of AA- just last week.

Deerfield Capital Management, the Chicago-based fixed income specialist, is on the road with a new $300 million collateralized loan obligation called Forest Creek 2003-1. Bear Stearns is the lead arranger for the cash-flow arbitrage deal, which comprises leveraged loans, said a banker. Questions regarding Forest Creek were referred to Jon Trutter, Deerfield's CIO, who declined comment citing the private nature of the deal. A banker at Bear also declined comment.

Deutsche Bank and Wells Fargo Bank have filled the book on a $250 million deal for Veritas DGC after a three-month ride through the loan market. The credit began at $275 million and was reduced to $265 million, with a raft of pricing and structural changes in December (LMW, 12/23). Another $15 million was later shaved off the pro rata.

A modest and restricted domestic January IPO was easily overlooked by observers of the international markets. But it brought shareholders the first opportunity to take a stake in CIMB – the only publicly-listed investment bank in Malaysia. By Chris Wright

MORGAN LOSES TWO IN TOKYO

Providers of wealth management services should focus more on Asia, if a recent report from CLSA is to be believed. It claims Asia will drive global growth for at least the next decade and that the turnaround will be driven by a region-wide willingness to spend, spend, spend. By Chris Wright.

Goldman/Sumitomo Mitsui deal shifts landscape