Paris-based AXA Investment Managers will introduce its "bespoke," or tailored, collateralized debt obligation initiative in the next few weeks, says Laurent Gueunier, head of investment-grade CDOs. The deals will be tailored to suit investors' needs and will consist of a mezzanine tranche. All the deals will be private.
Gueunier says AXA is still working with banks on perfecting a structure, which will allow the firm to actively manage the CDOs. He says the firm is working with a number of banks to create this structure. Deals will range from E30 million to E100 million. Gueunier says it is too early to tell how many will be completed this year.