New York Fed Solicits Bids for Triaxx CDO Holdings in Maiden Lane III LLC
The New York Fed today announced that it has initiated a competitive bid process in response to several strong reverse inquiries for holdings in the two Triaxx CDOs in the Maiden Lane III LLC portfolio (ML III). The New York Fed has directed BlackRock Solutions, the investment manager for ML III, to conduct a competitive bid process for the entirety of the Triaxx CDO holdings, consistent with past practices. All-or-none bids will be due for each of the two CDOs on May 10, 2012, at which point the New York Fed will decide whether to sell either or both, depending on the strength of the best bids.
The following nine broker-dealers have been invited to submit bids for the Triaxx CDO holdings based on their expressions of interest in these holdings:
Barclays Capital Inc.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBS Securities Inc.