The International Finance Corporation (IFC) has launched the $80 million Emerging Asia CBO Limited via arranger Credit Lyonnais. Union Overseas Bank is the investment manager. The IFC says that the transaction will help to develop the bond markets in Asia, and also promote securitization as a means of raising funds in this region.
The CBO has a portfolio of 31 corporate bonds, and one sovereign bond, worth $79 million. Moody's places the weighted average credit quality of the portfolio in the Ba1/Ba2 range. The bonds are U.S. dollar-denominated with fixed-rate coupons, and the ramp-up period is 60 days from the closing date. The geographical concentration of the assets is as follows: