Credit Suisse won a $158 million loan portfolio in auction last week, rounding off a busy month for auctions. Traders said the portfolio consisted of approximately 80 mostly run-of-the-mill par loans, including NewPage and Ameritrade. The winning bid was 100.27. A collateralized loan obligation was said to be the seller.
Last week, JP Morgan bagged two portfolios worth $109 million and a $298 million, while Wachovia Securities obtained a smaller $65 million portfolio (CIN, 6/26).
CLOs were also the sellers of the three loan portfolios last week. A trader said many CLOs are seeking to liquidate their portfolios to be ready for the large number of new issues coming into the market.