Aegis – the ABS fund manager established by Richard Stow and Miguel Alcober two years ago – has sold its first CDO, Cavendish Square Funding, via BNP Paribas.
The €261.45 million deal was unusual in being already 50% ramped up. This has given the managers scope to have a higher degree of diversity than is the norm. This is a CDO of mezzanine ABS, with the portfolio largely backed by residential loans, both prime (38%) and sub-prime (29%) followed by 10% CMBS.
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