ABN Amro has started marketing the equity tranche for its latest Amstel CLO, which will allow the bank to transfer the risk on a portfolio of investment grade corporate loans worth 10 billion ($12.5 billion). ABN will be sole bookrunner on the senior and mezzanine notes, with Merrill Lynch as a joint bookrunner on the equity.

This is the first Amstel deal in which ABN will sell the equity tranche, which is designed to achieve regulatory capital relief under both the Basel I and Basel II capital accords. It is unclear at this stage whether the deal, Amstel 2006, will be a partially funded synthetic or fully funded.

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