Visible Near Term U.S. CDO Pipeline

March 24, 2003, 12:00 a.m. EST 4 Min Read

Near Term Visible U.S. CDO Pipeline
Deal	Size (mln)	Collateral Manager	Deal Type	Assets	Credit Enhancement	Banks	Status	Banks	Status	Date Annc.


ACA ABS 2003-1	400.0	American Capital Access	Arb cashflow	MBS/ABS	Wrap	BofA	Pre-marketing	BofA	225/3ML	37687.0
Tsar_05 2003*	7000.0	Winchester Capital	BS cashflow	SF	Sen/sub			DB	150-170/3ML
Unison CDO Limited 1	250.0	TD Principal Finance	Arb cashflow	SF	Sen/sub			TD	50/6ML
White Oak I*	1000.0	Barclays Bank	BS cashflow	SF	Sen/sub			BCG	50/L
Mulberry Street II	500.0	Clinton Group	Arb cashflow	Cash/Trups	Sen/sub	UBS	Pre-marketing	UBS	55-65/3ML
C-Bass CDO VI	330.0	C-Bass	Arb cashflow	Cash/REIT	Sen/sub	CSFB	Pre-marketing	CSFB/GCM	60-68/3ML	37687.0
South Coast II	N/A	TCW Advisors Inc.	Arb cashflow	SF	Sen/sub			SSB	55/3ML	37708.0
Birch Funding 1	204.0	N/A	Arb cashflow	N/A	Sen/sub	BS/MS	70/3ML	BS	70/3ML	37610.0
Forest Creek 2003-1	300.0	Deerfield Capital Mgmt.	Arb cashflow	HYL	Sen/sub	MS	55/3ML	MS	55/3ML	37645.0
Westmoreland CDO 2003-1 *	1000.0	Westmoreland Capital	Arb cashflow	IG Debt	Sen/sub			BofA	65/3ML
Eclipse 1 CDO	306.0	Radobank	Arb cashflow	CDO of CDOs	Sen/sub			MS	58-62/6ML
Galaxite CDO I *	500.0	Blackrock Financial Mgmt	Arb cashflow	IGB	Sen/sub	CSFB	125/3M:	CSFB	125/3ML	37582.0
Mount Mitchell CDO II	300.0	White Ridge Investment Advs.	Arb cashflow	HYB	Sen/sub	BofA	50/L	BofA	50/L
Front Range CBO 2002-1	250.0	Denver Investment Advisors	Arb cashflow	IG	Sen/sub			BS	70/6ML
Tropic Trust Preferred CDO I	309.0	N/A	BS cashflow	Trups-backed/Static	Sen/sub	BS/MS	80/3ML	BS/MS	80/3ML	37673.0
Light Point CLO Ltd. 1	409.0	LightPoint Capital	Arb cashflow	HYL	Sen/sub	ABN/LINK	45/3ML	ABN/LINK	45/3ML	37456.0
BSAM CLO I	450.0	Bear Stearns Asset Mgmt.	Arb cashflow	HYL	Sen/sub	BS	45/3ML	BS	45/3ML
Silver Leaf I	565.0	Deutsche Bank Capital	Arb cashflow	PE Funds	Sen/sub	DB	110/3ML	DB	110/3ML	37568.0
Gemini Fund Ltd. I	692.0	Greenwich Street Capital Ptns.	Arb cashflow	HYL	Sen/sub	GS	60-65/3ML	GS	60-65/3ML
Clydesdale CLO 2003	300.0	Nomura Corp. Research	Cashflow	HYL	Sen/sub	BofA	Pre-marketing	BofA	57/L	37638.0
PEPS I	619.0	Aon Corp.	Arb cashflow	PE/LBO	Sen/sub	CIBC	250/3ML	CIBC	250/3ML	37561.0
UBS Alpha 1	500.0	UBS O'Connor	Arb cashflow	Hedge Funds	Sen/sub	UBSW	60-70/12ML	UBSW	60-70/12ML

Connecticut Valley II	400.0	David L. Babson	Arb cashflow	CDO of CDOs	Wrap			JPM	Pre-marketing	37706.0
SpiritsTrups CDO	500.0	N/A	Arb cashflow	P&C, L/H Insur Trups	Sen/sub			UBS	Pre-marketing	37680.0
Ares VII	300.0	Ares Mgt.	Arb cashflow	Loans	Sen/sub			DB	Pre-marketing	37687.0
Fort Point II	N/A	State St.	Arb cashflow	SF	Sen/sub			SSB	Equity
Callidus Debt Partners CLO Fund	300.0	Callidus Capital Mgmt.	Arb cashflow	Loans	Sen/sub			WA	Pre-marketing	37673.0
Waveland Ingots	400.0	Pimco	Arb cashflow	Loans	Sen/sub			JPM	Pre-marketing	37680.0
DLB CLO	400.0	David L. Babson	Arb cashflow	Loans	Sen/sub			WA	Pre-marketing	37659.0
Aladdin IG CBO	300.0	Aladdin Capital Mgmt.	Arb cashflow	IG Corp.	Sen/sub			CSFB	Pre-marketing	37687.0
Pacifica CLO II	300.0	Alcentra Group	Arb cashflow	Loans	Sen/sub			CSFB	Pre-marketing	37701.0
Coast Senior Debt Opportunities	500.0	Coast Asset Mgmt.	Arb cashflow	CDO of CDOs	Sen/sub	CIBC	Pre-marketing	CIBC	Pre-marketing	37659.0
AIG Global CDO	250.0	AIG Global Investment Corp.	Arb cashflow	PE	Sen/sub	MS	Pre-marketing	MS	Pre-marketing
Porter Square I	400.0	TCW Advisors Inc.	Arb cashflow	CDO of CDOs	Sen/sub			CSFB	Pre-marketing	37659.0
Jackson Creek CDO 1	250.0	Jefferies & Co.	Arb cashflow	HYB	Sen/sub	JC	Pre-marketing	JEFF	Pre-marketing	37659.0
Liberty Square III	250.0	Wellington Asset Mgmt.	Arb cashflow	HYB	Sen/sub	LB	Pre-marketing		Pre-marketing


*Denotes Synthetic


Recent Pricings U.S. Mkt
Deal	Size (mln)	Collateral Manager	Deal Type	Assets	Credit Enhancement	Banks	Priced	Banks	Priced	AAA Spreads

Race Point CLO II	400.0	Sankaty Advisors	Arb cashflow	HYL	Sen/sub	DB	50-55/3ML	DB	37714.0	55/3ML
MM Community Funding	314.0	MM Community/SAMCO	Arb cashflow	Trups-backed	Sen/sub	SSB	Equity	SSB	37708.0	75/3ML
RESI 2003-A*	17200.0	BofA/BAS	BS cashflow	RMBS	Sen/sub			BofA	37701.0	(B-3)160/L
CREST Dartmouth St. 2003-1	350.0	MFS Investment Mgmt.	Arb cashflow	REIT/CMBS/CML	Sen/sub	WS	50-55/3ML	WS	37700.0	55/3ML
Spices 2003-1 *	273.0	Morgan Stanley	Arb cashflow	SF	Sen/sub			MS	37699.0	N/A
Pref Term Securities IX	522.5	FTEN and KBW	Arb cashflow	Cash/TruPS	Sen/sub			KBW	37698.0	75/3ML
Lliad Investment 8 *	2000.0	BNP Paribas	BS cashflow	SF	Sen/sub			BNP	37693.0	N/A
Newcastle RE CDO I	500.0	Fortress Investment Group	Arb cashflow	CMBS/REITS/ABS	Sen/sub	BS/MS	65/1ML	BS/MS	37687.0	70/3ML
Crest 2003-1	600.0	SCP/Wachovia	Arb cashflow	Cash/REIT	Sen/sub	WS	37685.0	WS	37685.0	58/3ML; 58/Swap
Longhorn CDO III	303.0	Merrill Lynch Investment Mgmt.	Arb cashflow	Cash/HYL	Sen/sub	ML	37684.0	ML	37684.0	55/3ML
GMAC (G-Star 2003-3)	450.0	GMAC Commerical Mortgage	Arb cashflow	CMBS/REIT/ABS	Sen/sub	SSB	37679.0	SSB	37679.0	57/3ML
Blue Heron Funding V	1000.0	West LB	Arb cashflow	Cash/REIT	Sen/sub	WDL	37679.0	WLB	37678.0	400/L
Harbourview CLO V	300.0	Harbourview Asset Mgmt.	Arb cashflow	Cash/HYL	Sen/sub	SSB	37671.0	SSB	37671.0	54/3ML
Trapeza CDO II	412.0	Trapeza Capital Mgmt.	Arb cashflow	Cash/Trups	Sen/sub	CSFB/STES	37671.0	CSFB/STES	37671.0	65/6ML
Oakhill Credit Partners II	504.0	Oak Hill Advisors	Arb cashflow	Cash/LL/HYB	Sen/sub	DB	37666.0	DB	37666.0	55/3ML
NorthLake CDO	350.0	Deerfield Capital Mgmt.	Arb cashflow	REITS/CMBS/ABS	Sen/sub	MS	37656.0	MS	37656.0	75/3ML
Trainer Wortham ABS CBO II	303.0	Trainer-Wortham	Arb cashflow	Diversified	Sen/sub	CSFB	37652.0	CSFB	37652.0	65/3ML
Katonah CLO IV	350.0	Katonah Capital Mgmt.	Arb cashflow	HYL	Sen/sub	CSFB	37649.0	CSFB	37649.0	55/3ML
CMBS/Realty One	100.0	Stonehenge Financial Partners	Arb cashflow	Static CMBS	Sen/sub	GCM	37620.0	GCM	37620.0	65/3ML

*Denotes Synthetic

Sources: IFR Asset-Backed Securities, ASR, Street Research