Search results for

Cheyne Capital Management this week completed its first cashflow CLO, via Nomura. The Eu1bn fund, Cheyne Credit Opportunity CDO 1 is structured specifically to allow Cheyne to carefully source collateral over an extended two-year ramp-up period. The portfolio is only 20% ramped at launch.

Deutsche Bank has kicked off a busy 2006 for its real estate conduit by announcing an extremely large pan-European CMBS, totalling Eu1.56bn. The bank originally planned to market the deal last December year as a Eu600m offering, but it was delayed in the year end glut. The new larger deal, still called Deco 7, parcels 10 loans, secured on properties in Germany, Switzerland and the Netherlands. Eight of the 10 loans are secured on German properties, and the underlying portfolio is relatively concentrated in the retail sector (76%). Deutsche will begin marketing proper next week, when it will arrange an on-site trip for investors in Berlin. No details on the capital structure were available as EuroWeek went to press. The bank is planning further issues from the real estate team in coming months, including a UK issue, worth around £600m.

German property developer Vivacon is set to launch a securitisation of rental income from leaseholds on German properties, the first time this asset has been publicly securitised in Germany.

RBC Capital Markets last Friday priced Northern Ireland's first PPP bond, a £61.7m offering financing four road projects near Belfast.

Pricing on a Morgan Stanley and Goldman Sachs-led $950 million financing for US Power Generating, known in the market as Astoria Generating, has been flexed down.

Barclays Capital is adding to its high-yield business by landing John Kempf as a director and senior high-yield analyst for the U.S. lodging, leisure and gaming sectors.

Lehman Brothers is syndicating a $330 million deal for Brookdale Senior Living.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.

MGM Mirage and Pansy Ho Chiu-king, managing director of Hong Kong conglomerate Shun Tak Holdings, have brought together a team of eight international banks to lead a $700 million project financing for the construction of a casino and hotel in Macau.

Highbridge Capital Management, the $8 billion hedge fund run by managers Glenn Dubin and Henry Swieca, is readying its first fixed-income offering.

Burger King's $1.1 billion term loan "B" traded thinly when it broke at 100 1/2 in the secondary market last week.

Movie Gallery's bonds took a hammering last week on continued concerns about the company's financial outlook.