Circular CDOs

During 2006-2007, CDOs created by one bank commonly purchased slices of other CDOs created by the same bank. Our chart includes only those deals that had managers and those that contained 10 or more CDO pieces. (About Our Data)

Related story: Banks’ Self-Dealing Super-Charged Financial Crisis

Related graphic: A Bank’s Best Customer: Its Own CDOs

Filter:
CDO Underwriting Bank Manager Original size ($ mil.) Percentage of CDO slices from the underwriting bank
Forge ABS High Grade CDO I Merrill Lynch Forge ABS $1,504 82%
Broderick CDO 2 Merrill Lynch Stone Tower Debt Advisors $1,600 67%
Toro ABS CDO II Merrill Lynch Merrill Lynch Investment Managers (MLIM) $1,000 67%
TABS 2006-5 UBS Investment Bank Tricadia CDO Management $1,500 18%
West Trade Funding CDO III Merrill Lynch NIR Capital Management $2,500 60%
TABS 2007-7 UBS Investment Bank Tricadia CDO Management $2,316 23%
Independence VII CDO Merrill Lynch Declaration Management & Research $604 53%
Tourmaline CDO III LTD. Deutsche Bank Securities Blackrock Financial Management $1,500 11%
Jupiter High-Grade CDO VI Merrill Lynch Harding Advisory $1,501 53%
Longridge ABS CDO I Merrill Lynch ZS Structured Credit Capital Management $500 20%
Jupiter High-Grade CDO IV Merrill Lynch / Maxim Group Maxim Advisory $2,500 45%
Mayflower CDO I Bear Stearns Vanderbilt Capital Advisors $1,012 15%
Maxim High Grade CDO II Merrill Lynch / Maxim Group Maxim Capital Management $2,000 44%
McKinley Funding III Credit Suisse Vertical Capital $1,513 9%
West Trade Funding CDO I Merrill Lynch NIR Capital Management $1,500 44%
Corona Borealis CDO Lehman Brothers New York Life Investment Management $1,551 20%
West Trade Funding CDO II Merrill Lynch NIR Capital Management $1,500 43%
Coldwater CDO Citigroup Metropolitan West Asset Management $401 18%
Tazlina Funding CDO II Merrill Lynch / Terwin Capital Terwin Money Management $1,500 42%
Ansley Park ABS CDO Banc of America Securities / SunTrust Robinson Humphrey SunTrust Capital Markets $611 16%
ACA Aquarius 2006-1 UBS Investment Bank ACA Management $2,000 40%
Diversey Harbor ABS CDO Citigroup Vanderbilt Capital Advisors $2,500 13%
Durant CDO 2007-1 Merrill Lynch SCM Advisors $400 37%
MKP Vela CBO Lehman Brothers / SG Americas Securities MKP Capital Management $1,554 10%
Port Jackson CDO 2007-1 Merrill Lynch Basis Capital Securitisation $350 36%
Brushfield CDO 2007-1 Bear Stearns Brushfield Capital Management $1,250 8%
Silver Marlin ABS CDO I Merrill Lynch Sailfish Structured Investment Management (G4) $1,251 36%
ACA ABS 2007-1 RBS Greenwich Capital ACA Management $1,500 20%
Maxim High Grade CDO I Merrill Lynch / Maxim Group Maxim Capital Management $2,000 35%
Longridge ABS CDO II RBS Greenwich Capital ZS Structured Credit Capital Management $500 20%
Acacia CDO 12 RBS Greenwich Capital Redwood Asset Management $500 33%
Carina CDO Deutsche Bank Securities State Street Global Advisors $1,566 20%
Mercury CDO III Merrill Lynch Chotin Fund Management $1,003 32%
E Trade ABS CDO V UBS Investment Bank E*TRADE Global Asset Management $300 18%
ART CDO 2006-1 UBS Investment Bank Allianz Risk Transfer $1,000 32%
Kent Funding II Banc of America Securities Declaration Management & Research $1,258 17%
Highridge ABS CDO I Merrill Lynch ZS Structured Credit Capital Management $1,500 31%
GSC ABS CDO 2006-2M LTD Merrill Lynch GSCP $504 15%
Vertical ABS CDO 2007-1 UBS Investment Bank Vertical Capital $1,542 31%
Tallships Funding Citigroup Bear Stearns Asset Management $1,527 15%
Armitage ABS CDO Citigroup Vanderbilt Capital Advisors $3,001 27%
ZAIS Investment Grade VIII Deutsche Bank Securities ZAIS Group $191 13%
Millerton II High Grade ABS CDO Credit Suisse Hyperion Capital Management $1,302 27%
Pampelonne CDO II Barclays Capital / UBS Investment Bank Vertical Capital $2,000 10%
Markov CDO I Barclays Capital State Street Global Advisors $2,000 24%
Cetus ABS CDO 2006-3 Calyon GSCP $1,295 10%
Class V Funding III Citigroup Credit Suisse Alternative Capital $1,041 23%
Buckingham CDO III Barclays Capital Deerfield Capital Management $1,500 9%
888 Tactical Fund Citigroup Harding Advisory $1,043 23%
Libra CDO Lehman Brothers / SG Americas Securities Lehman Brothers Asset Management $1,565 8%