INVESCO is seeking to sell the liabilities in its second collateralized debt obligation backed by cash flows from structured finance assets. Sell-siders say INVESCO is attempting to place the notes of a $400 million vehicle, Bluegrass II, that pools a mix of asset-backed securities. Outsiders say it appears to be a good time to sell a structured finance CDO, since investors are searching for yield from CDOs that they cannot find in even the underlying asset classes because spreads have come in so much. The firm sold a similar Rule144a offering last year (BW, 6/9), Bluegrass I, and this transaction is said to be relatively similar. Bill Hensel, a spokesman for INVESCO, did not return a call by press time.
Manager Plans Second Structured Finance Repack