Subject: Collateralized Debt Obligation (CDO)

In a repeat of last year, Wachovia Securities was the most active bookrunner of commercial real estate CDOs, handling 12 deals totaling $7.5 billion. It captured a fifth of a market that saw overall volume explode by 68 percent to ...

A venture owned by Winthrop Realty Trust and Newkirk Realty Trust Inc., a pair of affiliated Boston REITs, said a collateralized debt obligation they issued earlier this month provided them with financing at a cost of Libor plus 50 basis ...

Anthracite Capital Inc., among the more active players in the market for domestic CMBS B pieces, has floated its first collateralized debt obligation in Europe.The transaction, Anthracite Euro CRE CDO, 2006-1 PLC, is the first European commercial real estate CDO, ...

Arbor Realty Trust Inc. said its latest collateralized debt obligation, which priced late last month, provided it with funding at a rate pegged to Libor plus 44 basis points over Libor.The Uniondale, N.Y., REIT retained a $52.5 million portion of ...

  ClassAmt$mlnAvgLife (yrs)RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-1A70.386.69AAAAAAAaa+26LiborA-R200.006.69AAAAAAAaa+27LiborA-2A500.006.48AAAAAAAaa+25LiborA-2B125.007.54AAAAAAAaa+31LiborB82.887.80AAAAAa2+39LiborC62.407.83A+A+A1+65LiborD30.237.83AAA2+75LiborE30.237.83A-A-A3+85LiborF26.657.83BBB+BBB+Baa1+105LiborG33.157.83BBBBBBBaa2+125LiborH31.207.83BBB-BBB-Baa3+150LiborJ47.457.83BBBBBa2NALiborK60.457.83NRNRNRNALibor*Notional amount, interest onlyCollateral balance: $1,300.00 millionBookrunner(s): Wachovia SecuritiesLead Managers: Wachovia SecuritiesComanagers: Citibank, Credit Suisse, Deutsche Bank, Morgan Stanley, BMO Capital MarketsCollateral Manager: CapitalSource FinanceCollateral concentration: Whole loans (100 percent)Trustee: Wells FargoOriginators: CapitalSource Inc.Top-10 (initial pool): 42.9 ...

CapitalSource Inc. has priced a $1.3 billion collateralized debt obligation through bookrunner Wachovia Securities. The offering, CapitalSource Real Estate Loan Trust, 2006-A, is the Chevy Chase, Md., finance company's 10th securitization, but it is the first structured as a CDO. ...

Commercial Real Estate Direct Staff ReportCapitalSource Inc., which last year embarked on a plan to sharply increase the origination of commercial mortgages, has launched a collateralized debt obligation backed by some of its loans.The Chevy Chase, Md., finance company specializes ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-1A230.0045.006.11AAAAAAAaaNALiborA-1AR100.0045.006.11AAAAAAAaaNALiborA-272.9032.857.5AAAAAAAaa+31LiborB41.1026.007.65AAAAAa2+39LiborC31.2020.807.78A+A+A1+60LiborD13.3518.587.78AAA2+70LiborE14.2516.207.97A-A-A3+80LiborF13.6513.938.03BBB+BBB+Baa1+105LiborG16.9511.108.03NRBBBBaa2+145LiborH14.108.758.03NRBBB-Baa3+185LiborPS52.50NA8.27NRNRNRNALibor*Notional amount, interest onlyCollateral balance: $600 million.Bookrunner(s): Wachovia Securities, Credit SuisseLead Managers: Wachovia Securities, Credit SuisseCollateral Manager: Arbor RealtyTrustee: Wells Fargo BankCollateral concentration: Whole loans (80.2 percent), subordinate participations (5.4 percent), mezzanine loans (14.3 percent), Property Types: ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkSS325.0035.008.83NRNRNAswapsA64.5022.109.60AAAAaa+35swapsB42.5013.609.86AAAa+45swapsC22.009.2010.09AA2+70swapsD6.008.0010.09A-A3+80swapsE5.506.9010.09BBB+Baa1+115swapsF6.255.6510.09BBB-Baa3+175swapsG15.252.6010.09BBBaa2+400swapsPS13.002.60NANANANAswapsCollateral balance: $500 millionBookrunner(s): Wachovia SecuritiesLead Managers: Wachovia SecuritiesCollateral Manager: CWCapitalProperty Types: 100 percent synthetic: 43 CMBS certificates, two Re-remics, 3 CDO certificates, rated Baa and Ba. 

Commercial Real Estate Direct Staff ReportThe collateralized debt obligation that NorthStar Realty Finance Corp. priced last week could be used to finance construction loans - an industry first.As reported, the CDO provided NorthStar with permanent funding at a rate of ...