Back in November, Credit Based Asset Servicing and Securitization (C-BASS) was said to be looking for a lead manager for a first-quarter CDO. Ultimately the firm chose to "feed as many mouths as possible," running a joint book deal via Credit Suisse First Boston and Wachovia Securities, along with co-manager Deutsche Banc. RMBS, CMBS, and ABS assets, respectively, will back the $400 million cashflow structured finance deal.
This will be the manager's third CDO. As with the first two deals, C-BASS is expected to retain 100% of the equity, sources said.