State Street Research is prepping its first ever collateralized debt obligation--a $400 million deal called Fort Point CDO scheduled to price today, says a CDO market participant. Salomon Smith Barney is underwriting the multi-sector transaction while State Street will act as the collateral manager. Ron D'Vari, director of fixed-income at the Boston-based asset management firm, referred calls to Allison Riley, a firm spokeswoman. Riley declined to comment. Brian Carosielli, a SSB banker in charge of the deal, did not return calls.
A mix of residential and commercial mortgage-backed, asset-backed securities and, to a small extent, other collateralized debt obligations back the notes. The exact proportion of the collateral pool had not been determined at press time.