Barclays launches managed CCO
Barclays Capital has launched Everest I, a managed version of the collateralised commodity obligation (CCO) structure it has helped pioneer.
The new product will be managed by TCW Asset Management, a Los Angeles-based collateralised debt obligation (CDO) specialist. TCW will be responsible for selecting and managing the portfolio.
Barclays sold $100 million of the product before the first closing on 5 June."We are taking an asset class with returns that are uncorrelated with interest rate risk and credit risk and turning it into a fixed income investment," said Claude Erb a managing director at TCW. "For fixed income investors concerned about the future of the credit and housing markets, this is an appealing diversifier."
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