Gray Ghost purchases B-Class notes from the Netherlands Development Finance Comp...

Oct 2006
Atlanta, USA , October, 06 2006 - Gray Ghost also completed negotiations last month with the Netherlands Development Finance Company (FMO) and agreed to purchase $3MM in first-loss Collateralized Loan Obligation (CLO) Notes issued by BlueOrchard Loans for Development 2006-1 S.A (BOLD) from the company.

FMO acted as lead underwriter and co-arranger of the B-Class notes on the initial transaction in April of this year and purchased the notes with the intent to resell a portion of their investment in the secondary market. The fact that the BOLD securities have been successfully sold without guarantee marks, in Gray Ghost’s view, another important step in the maturation of the market for Collateralized Debt Obligations (CDOs) in the microfinance sector.

“In an emerging sector where it has been considered difficult to price and value assets, the realization of these transactions over the last two months clearly demonstrates that market forces are working and microfinance assets are continuing to mature and become relevant to a broader array of investors,” concluded DiLeo.

Source : Gray Ghost Fund

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