- E-mail: Adam.Tempkin@thomsonreuters.com
Citigroup is pre-marketing the senior portion of a synthetic CDO capital structure, but unlike pre-crisis deals, this trade will have full recourse to the counterparty – the protection seller.
The ghosts of soured loans past are haunting new-issue commercial mortgage bond deals. Two distressed loans from legacy US CMBS deals refinanced in recent securitisations have been dropped from the new deals because of concerns about how the refinancings were negotiated.
Citigroup is in the pre-marketing phase of selling off the senior portion of a synthetic CDO capital structure, adding a twist to pre-crisis deals by making the trade full recourse to the counterparty, which is the protection seller. While there is no definite notional amount yet, market sources say it will be in the range of US$100m.
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