London-based Cheyne Capital Management Ltd. has priced a $4.57 billion managed IG synthetic CBO via Morgan Stanley, called Cheyne IG CDO I. The deal, which was upsized from $4.4 billion, has a 90% super senior tranche and 10% funded notes underlying. The geographic mix of underlying assets includes 59% North America, 38% Western Europe and 3% Asia.

Morgan Stanley priced each tranche at par as follows: triple-A at 6ML+55, double-A at 6ML+85, single-A at 6ML+175, and triple-B at 6ML+350.

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