Redwood Trust, an investor in property-related whole loans and securitizations, is attempting to issue its third collateralized debt obligation, according to sell-side industry participants. They say the Mill Valley, Calif., based company is marketing the notes on a $300 million CDO that will be backed by cashflows from underlying real estate-related debt, such as commercial mortgage-backed bonds, since that is where the firm's expertise in security selection is. The deal is part of the Acacia shelf and is the firm's second such offering in recent months (BW, 5/5). Andy Sirkus, head of the CDO effort at the company, declined to comment.
RBS Greenwich Capital is lead underwriter on this CDO and also led the real estate firm's most recent transaction, which closed this summer. Fred Matera, head of the CDO group at the firm in Stamford, Conn., did not return a call.