Hypo closes hybrid CDO

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.