Deutsche and UOB launch arbitrage CDO

Two parties target Asian investors for $106.4 million synthetic securitization backed by credit default swaps.

Deutsche Bank and United Overseas Bank UOB of Singapore have begun marketing an arbitrage synthetic collateralized debt obligation CDO, a rarity for the Asian securitization market. Deutsche is acting as arranger and lead manager for the $106.4 million deal with UOB in the role of co-arranger.

Perhaps the most significant feature of the deal is that UOB Asset Management will manage the underlying portfolio, the first time an Asian portfolio manager has done so on a public offering.

Although OUB Asset Management was set to have that status last November on Spectra 1 û a $121.25 million deal backed by $450 million of credit default swaps û the deal got pulled by lead manager...

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