RBS launches new sterling-denominated CDO
The Royal Bank of Scotland (RBS) has become the next in a line of major European banks to launch a collateralised debt obligation (CDO) consisting entirely of leveraged loans in the European market. The new fund, named Cairngorm, has a high proportion of sterling-based loans in comparison to its European counterparts.
The securitisation, which is linked to a reference portfolio of up to £300 million in leveraged assets, includes a wide range of industries, excluding telecoms. The 40-50 managed loans within the fund are 75% UK senior leveraged loans and 25% UK, French and German mezzanine leveraged loans, which are
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