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Friday, November 09, 2007

S&P: CDO liquidating assets

by Calculated Risk on 11/09/2007 10:16:00 AM

From Reuters: S&P says State St-managed CDO liquidating assets (hat tips nemo idoc)

The trustee of a $1.5 billion collateralised debt obligation (CDO) managed by State Street Global Advisors has started selling assets, apparently starting a process of liquidation, Standard & Poor's said late on Thursday.
The trustee of the Carina CDO has started selling the asset-backed securities -- residential-mortgage backed securities and CDOs -- making up the CDO at the direction of the structure's noteholders, S&P said.

"We believe the liquidation process has begun," S&P said in its statement.
It looks like a busy news day!