Trainer Wortham is wrapping up a $300 million multi-sector collateralized debt obligation, according to a CDO market participant. It is the third CDO for this New York-based collateral manager and its first this year. Pricing is slot for the early part of this month. Credit Suisse First Boston is the underwriter. Calls to Chris Ricciardi, head of CSFB's structured credit product group, and to John Knox, head of fixed-income at Trainer Wortham, were not returned by press time.
The collateral securing the notes consists of a pool of well-diversified assets, including asset-backed securities, commercial mortgage-backed securities, residential mortgage-backed securities, REITs and CDOs. The exact mix is still in the works as Trainer has a 90-day ramping-up period after closing, which gives the manager extra time to pick the right asset mix. No indicative price talk was available as of last week.