Solent innovates with home equity CDO

Hedge fund Solent Capital has closed two collateralised debt obligations, Spinnaker III and Halyard.

Spinnaker III is a conventional CDO, based on super-senior and equity tranches, principal-protected junior mezzanine zero-coupon notes and mezzanine notes. The $165 million-equivalent deal is issued in euros, yen and US and Australian dollars.

Halyard is arranged through Credit Suisse, based on a $750m portfolio of US mezzanine residential mortgage-backed securities, home equity-backed loan asset

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