ING Barings brings innovative CDO to market

ING Barings and OUB Asset Management seek to fill gap in market with CDO backed by $450 million of credit default swaps.

Rob Davies

November 25, 2001

ING Barings is in the process of marketing the first arbitrage synthetic collateralized debt obligation (CDO) to be managed by an Asian portfolio manager, in this case OUB Asset Management.

The deal is very different to the S$224 million ($121 million) synthetic collateralized loan obligation (CLO) being arranged for DBS by JP Morgan. This deal is designed to allow DBS to manage its capital adequacy ratio more efficiently and is not a funding exercise, whereas the ING and OUB transaction is completely market driven and it has an asset pool of non-physical assets.

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