Morgan Stanley Dean Witter's Hong Kong office recently launched a 144A arbitrage CBO backed by a portfolio of U.S. dollar denominated bonds, primarily fixed rate convertible and straight corporate debt, with a global reach, but focused on Asia. The asset management arm of Singapore's United Overseas Bank acts as collateral manager and the deal comes through a Cayman Islands SPV called United Asian CBO Corp.

The portfolio totals $55.3 million and the deal was chopped into two rated pieces, a mezzanine tranche and an equity piece, both of which were unrated.

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