Calyon Credits & Markets
Calyon Credits & Markets boasted a global and integrated structuring, trading and sales platform, serving as a one-stop shop service from structuring to trading to portfolio solutions with a high-profile, dynamic and stable CDO structuring team. In October last year, it rolled out Confluent--a €2.575 billion ($3.5 billion) transaction which was the first multi-managed market-value cash CLO. Credit Agricole Asset Management acted as the global or senior manager, with five sub-managers managing independent portfolios of loans. Loic Fery is overall global head of CDOs, and Edouard Bremond is global head of cash CDO structuring.
Citigroup
Citi was a leading CDO house in Europe in 2006, with a 70-strong global CDO business which closed 12 public transactions representing around €5.25 billion ($7.1 billion) of issuance. Strong across the board, the firm's key strength was seen as integration of its cash and synthetic business within CDOs. Its strength was also reflected in new structures such as the well-received Evolution, a global deal structured out of London in which investors bought between 20 and 65 debt instruments by emerging market sovereigns. All of the currency exposure went to the investor, so if the dollar value of that emerging market sovereign went up, the bond value also went up. Tim Beaulac was former head of European cash CDO business during 2006, but it is now run by David Blackwelder.
Deutsche Bank
Described by one market official as a "powerhouse," Deutsche Bank was a leader in the European CDO market in 2006. One notable deal arranged by the firm was the Danube Delta CDO, an innovative and versatile fund by Prytania Investment Advisors. A $368 million ($503 million) deal, it acted as a hybrid CDO that used structured investment vehicle and credit opportunity fund techniques.