Credit Based Asset Servicing and Securitization (C-BASS) will become one of the first home-equity/mortgage shops also to be a collateralized debt obligation (CDO) portfolio manager.

The $260 million deal, which is backed 65% by residential mortgage-backed securities and 35% by asset-backed securities, is being led by Credit Suisse First Boston. At press time, CSFB was pre-marketing the equity piece. The bonds backing the deal have an aggregate average rating below triple-B-minus, according to rating agency source.

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