Lehman issues Asian CDO

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US investment bank Lehman Brothers has closed a $500 million five-year Asian investment-grade arbitrage synthetic collateralised debt obligation (CDO) through special-purpose vehicles Asia IG CDO Limited and Asia IG CDO LLC. The portfolio manager is PCI Investment Management, a unit of Hong Kong’s Pacific Century Insurance Holdings. “This is the first time an Asian ex-Japan investment-grade synthetic CDO has been completed,” says Greg Donohugh, senior vice-president, and head of Lehman’s CDO

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