JPMorgan and DBS complete CDO

Yet another arbitrage collateralized debt obligation issued with the involvement of an Asian collateral manager.

The market for synthetic securitized products in Asia may have been slow to take off but now it seems barely a week passes without a new collateralized debt obligation CDO being issued. The latest such offering to be completed is a deal backed by $1 billion of credit default swaps that JPMorgan structured for DBS Bank and DBS Asset Management.

JPMorgan and DBS Bank jointly underwrote the transaction, with DBS's asset management arm acting as collateral manager for the underlying portfolio. Allen Overy provided the legal counsel to the arranger.

The portfolio is linked to 100 credit default swaps from a mix of mostly European 45% of the...

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