Fresh on the heels of closing a mammoth $1 billion synthetic collateralized debt obligation last month, Boston asset manager Putnam Investments is back in the market with another CDO of structured finance assets, according to market professionals. This latest deal will issue liabilities to fund its purchase of $500 million in managed ABS assets, they say. Goldman Sachs, which Putnam relied on to distribute its most-recent offering (BW, 5/18), is also underwriting the new deal. One CDO pro speculates the offering comes as a relative add-on to the earlier $1 billion transaction, since Putnam achieved decent pricing on that deal and thus may be marketing another deal so soon after to leverage off its success. Further details could not be learned. Overall, this will be Putnam's fourth managed CDO of structured finance paper.
Carl Bell, head of portfolio construction for structured finance at Putnam, did not return a call. A Goldman official referred a query to Eric Bothwell of the CDO group, who did not return a call.