Hypo closes hybrid CDO

HVB Asset Management packages together $1 billion of ABS paper and credit default swaps.

HVB Asset Management Asia HVBAM has brought to market the first ever hybrid collateralized debt obligation CDO managed by an Asian collateral manager. The deal, on which HVB Asia formerly known as HypoVereinsbank Asia acted as lead manager and underwriter, is backed by $120 million of asset-backed securitization bonds and $880 million of credit default swaps. Straits Lion Asset Management has been appointed as back-up collateral manager.

HVBAM was established in April 2002 to look after two of Hypo's commercial paper conduits, Maximilian Capital Corporation and Jade Capital Corporation, which have assets of around $1.3 billion under management and are rated Prime-1 by Moody's.

Under the structure of the transaction,...

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