Get Out Your Suspenders, Boys
Return of the Power Tie!
It seems that The Men In Black have used that Mind Eraser Zap Thing on Wall St, or maybe the good people at Goldman Sachs/Morgan Stanley just regained consciousness after a two year bender and think it's The Year 2000 All Over Again!
From Bloomberg:
Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody's Investors Service, according to marketing documents obtained by Bloomberg News. The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.
It seems that The Men In Black have used that Mind Eraser Zap Thing on Wall St, or maybe the good people at Goldman Sachs/Morgan Stanley just regained consciousness after a two year bender and think it's The Year 2000 All Over Again!
From Bloomberg:
Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.
Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody's Investors Service, according to marketing documents obtained by Bloomberg News. The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.