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JP Morgan Chase prepares largest Asian managed synthetic CDO

  • Nick Sawyer
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The transaction will be the third synthetic CDO to be managed by an Asian fund manager, and the second to be managed by UOB following its $1.33 billion deal arranged by Deutsche Bank in September. Lehman Brothers launched a $500 million synthetic CDO managed by Hong Kong-based PCI Investment Management in November.

Details of the JP Morgan Chase deal are sketchy, but the transaction is believed to consist of two rated tranches - an AA and BBB tranche each representing 2% of the portfolio. The equity portion is thought to be around 3% of the deal.

Officials at JP Morgan Chase would not confirm or deny the deal, but an investor said the transaction will likely close next week.

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