Straits Lion and Goldman complete $1.5 billion CDO

First Asian managed synthetic CDO.

Goldman Sachs and Singaporean asset manager Straits Lion have joined forces to complete Straits Lion CDO I, a $1.5 billion managed synthetic collateralized debt obligation. The CDO comprises 100 single name investment grade corporate credits in the form of credit default swaps, 65% of which are Asian names, with the rest coming from US, Europe and other emerging markets.

The product will have a seven-year lifespan with a call option after five years. The transaction represents the first synthetic CDO to have predominantly Asian names in the underlying portfolio, says Lye Thiam Wooi, Straits Lion's head of structured assets.

Chul Chung, Goldman's regional head of credit structuring, notes that CD...

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