SocGen launches first insurance CDO

French investment bank Société Générale this week launched the first synthetic collateralised debt obligation (CDO) of insurance and reinsurance companies.

The Merlin CDO 1 deal was arranged for Germany-based reinsurance group Hannover Re, providing protection on defaults of 99 names from the insurance and reinsurance sectors. The CDO was priced at the tight end of the indicated price guidance.

The transaction attracted interest from more than 25 US, offshore, European and Asian banks and fund managers without prior exposure to the sector. It was oversubscribed by between one and a half and three times, the bank said. (See: Hannover Re launches insurance CDO)

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