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New York-based firm takes over CDO of ABS
Thursday, March 5, 2009
New York-based Fixed Income Discount Advisory Company (Fidac) has won a mandate to take over as manager of a 2006 CDO of high grade ABS. According to announcement by Fidac's parent company Annaly Capital Management, the firm will take over as collateral manager of McKinley Funding III, a $1.5 billion CDO of ABS that has experienced an event of default. McKinley Funding III was originally managed by Vertical Capital and was arranged by Credit Suisse. It suffered an event of default in December 2007.
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CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
