ING Capital Advisors reportedly priced the notes for its 350 million cash flow arbitrage CDO last week, according to bankers close to the deal. The deal represents the company's first deal funded completely with euro-denominated liabilities and one of a handful of traditional cash flow arbitrage Edenominated deals in the market this year. Officials at ING Capital Advisors did not return calls by press time. Goldman Sachs was underwriter on the offering.
Assets for the deal comprise a majority of loans and bonds with a mezzanine piece (LMW 5/21). Bankers said the liabilities included a Aaa 245 million tranche priced at three-month EURIBOR plus 47 basis points; an A3 36.75million tranche priced at three-month EURIBOR plus 125 basis points; a Baa3 23 million tranche priced at three-month EURIBOR plus 222 basis points; and an equity tranche. ING will reportedly begin the final phases of ramping the vehicle.