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Posted: January 11th, 2010, 4:55 pm
I am trying to find some real world figures as to how much firms made from selling their CDO's? For example, say HugeWirehouse Inc. bought $100M in loans from originator ABC then packaged and sold them as part of a CDO. What would their compensation have looked like? How much was the management fee, commission, etc.? I am assuming their would have been a bump on the front-end then also some sort of ongoing trail.Any information or direction would be greatly appreciated.
Posted: January 11th, 2010, 8:13 pm
Let me be a little more specific. I am researching ABS CDO's issued about 4-6 years ago which involve mutliple layers of certificates, i.e senior, mezz and subordinate.If the wirehouse was sponsor/seller, what type of dealer fees were they most likely to receive. The same fee for each type of certificate or how much of a premium did they receive for placing mezz and/or subordinate certs?If the wirehouse was underwriter, sponsor/seller did they receive any issuer fees or just the dealer fees? Any premium for the mezz and/or sub certs?Thanks in advance for your time and input.
Posted: February 16th, 2010, 10:46 am
eventually it is not public. fees etc is defined in OMs that are handed out to investors. i doubt that anyone typed the fee structures of all structured products in a worksheet for you. the intex database is storing about 20000 waterfalls what include manager and administration fees (i have never tried to fetch this data though. why?). hmm but you were asking about the seller revenues, right? maybe you try to get the unconsolidated balance sheets of all banks (not public as well....). another issue is that a sponsor might indirectly benefit from a true sale or synthetic rather than get cash transferred. thus measuring the sponsors' benefits will be tricky. from an aggregated point of view, you have up to four parties who try get a piece of the cake. therefore, financial institutions might playing a kind of razor-blade corporate strategy being seller, structurer, manager, adminstration, etc. from deal to deal. i think it is a wasteful endeavour getting such data in detail. it might reduce your "information costs" to analyse the balance sheets segments of all banks to develop proxy indicators (as well time wasting).