UBS plans to offer the first-ever municipal bond-backed synthetic CDO, sources said. Alpine III, via UBS as lead manager, will be roughly $200 million in size. The transaction is backed entirely by mark-to-market municipal exposure UBS holds against a relevant muni bond reference entity at the time of a credit event, according to sources familiar with the deal. Offer sheets are due out this week.
Access to a full range of industry content, analysis and expert commentary.
No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.
Have an account? Sign In