Duchess I Fund fully invested

Duke Street Capital Debt Management (DSCDM) has announced that its latest CDO fund, Duchess I, a EUR 1bn vehicle, is fully invested. Duchess I held an initial close in June 2001 on EUR 750m, before announcing the launch of a Tap issue to take the fund total to EUR 1bn. Duchess I is invested in assets denominated both in Euro and Sterling with the current split being 80% senior secured loans, 10% mezzanine loans and 10% high-yield bonds. During the life of the fund these splits could move by up to 5%, whilst maintaining a maximum of 10% in high-yield bonds at any one time. Both Moody’s and Standard & Poor have reconfirmed the rating of Duchess I’s notes as at the final target date.

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• UK / Ireland