Salomon Smith Barney is in the market with a $300 million collateralized loan obligation that is called Madison Avenue CDO IV. The manager responsible for the Madison Avenue series is Metropolitan Life Insurance Co., said an analyst. The vehicle joins a pipeline that continues to grow. Only Katonah Capital Management had priced a deal this year as Loan Market Week went to press (LMW, 2/10).
"It's still early in the year. There was not an active market late in 2002 when spreads were still wide on the notes and so the deals are only now beginning to be marketed," said another analyst. He also conceded, though, that CLOs are taking longer to get done. A spokesman for Salomon and a portfolio manager at MetLife did not return calls regarding Madison Avenue.