The newly hatched CDO group at Financial Guaranty Insurance Company closed its first transaction last week, providing secondary insurance to an investor on a CLO backed by senior secured loans.

"We closed the secondary policy on the same day the CLO closed," said Tracy Pridgen, managing director and head of FGIC's CDO group. "We were working with [an investor] who only wanted to participate in the transaction on a wrapped basis."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.