BlackRock Sells Asset-Backed Bonds From Credit Suisse’s Books
- CLO, CMBS and ABS auctions took place over past two weeks
- Sales came after UBS purchased the Swiss bank last month
BlackRock headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Credit Suisse Group AG has hired BlackRock Inc. to help sell a portfolio of structured bonds for the Swiss bank, becoming the latest entity to tap the money manager in a time of crisis.
BlackRock’s Financial Markets Advisory group has been selling off securities over the last two weeks, including pieces of collateralized loan obligations, commercial mortgage bonds and niche asset backed debt, according to people with knowledge of the matter. Bonds backed by auto, credit card, student and aircraft loans or leases were also included in the lists of securities put up for sale, which included at least $300 million of bonds, said the people, who asked not to be identified discussing private transactions.