Deerfield out with 2 IG CBO

Published October 8, 2001 12:00 AM EDT 1 Min Read

Deerfield Capital is in the process of marketing two investment-grade CDOs via Credit Suisse First Boston. CSFB has already have kicked-off equity marketing.

Deerfield is looking at November for pricing, with roadshows starting in Asia Oct. 16-19, and continuing into Europe Oct. 23-26, market sources said.

The first deal, called Port Royal, is a $1 billion managed synthetic CBO backed by credit default swaps on investment-grade credits. Deerfield and affiliates are retaining 50% of Port Royal’s equity.

The second deal, Valeo III, is a $500 million arbitrage cashflow investment-grade CBO, which is now marketing $10 million in equity and its $20 million in triple-B notes.

Deerfield and affiliates are said to be retaining 40% of the equity in this trade. It is noteworthy that Deerfield and CSFB are starting their equity roadshow in Asia, where a significant demand for CDOs still exists.

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