Bloomberg News

GoldenTree Said to Offer 100 Million Euros of CLOs in Auction

March 05, 2013

GoldenTree Asset Management LP, the U.S. hedge fund founded by Steven Tananbaum, is offering about 100 million euros ($130 million) of notes from collateralized loan obligations in an auction today, according to two people with knowledge of the matter.

The notes being offered in the so-called bids-wanted-in- competition, or BWIC, come from CLOs managed by Eaton Vance Corp., Avoca Capital Holdings, AXA Investment Managers Paris SA, Credit Suisse Group AG and Halcyon Structured Asset Management LP, said the people, who asked not to be identified because the sale is private.

Sellers are seeking prices ranging from about 70 percent to as much as 90 percent of face value, the people said. There are 20 portions of notes for sale, they said.

Tananbaum, who founded GoldenTree in 2000, didn’t return an e-mail and a telephone call seeking comment.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

To contact the reporters on this story: Patricia Kuo in London at pkuo2@bloomberg.net; Esteban Duarte in Madrid at eduarterubia@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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