Runner-up: Anderson Valley II


Against a backdrop of uncertainty over whether or not the credit cycle is about to turn, Merrill Lynch has issued a collateralised debt obligation that should reward investors in either scenario. Anderson Valley II is a EUR400 million seven-year hybrid cash and synthetic CDO, and is the euro counterpart to last year's dollar deal.

Managed by Barclays Global Investors, the deal combines a normal cashflow CDO, 97.05% of the deal, with a junior mezzanine correlation tranche, 2.95% of the deal, w

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