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
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| 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% |