New York-based firm wins replacement mandate

Fidac subsidiary Annaly Capital Management has won a mandate as replacement manager on Citation High Grade ABS CDO I, a $1.1 billion 2007 CDO of residential mortgage-backed securities that has experienced an event of default. According to a statement from the company, Annaly, which is based in New York, was appointed to help restructure the CDO and maximise value for senior investors. Annaly’s structured products group is led by Choudhary Yarlagadda. The Citation CDO was originally managed by New York-based Highland Financial.