Structured products are an evolving and growing presence in today’s capital markets. The largest component is collateralized debt obligations or CDOs. All types of debt securities have been used as structured product collateral. The most popular assets are corporate leveraged loans, subprime and non-conforming residential mortgage-backed securities, commercial real estate, trust preferred securities, investment grade corporate bonds and high yield corporate bonds. The CDO market also utilizes credit default swaps that reference the aforementioned assets either as a separate bucket or in a pure synthetic structure.
Summit offers structured products in both the corporate and residential mortgage-backed securities (RMBS) sectors. These products capitalize on Summit’s strength in managing a broad array of asset classes utilizing the philosophy and processes inherent in our investment approach. Summit has issued two corporate high yield CDOs and four RMBS transactions totaling over $1.3 billion. We believe these products are opportunistic and should only be issued when market conditions exist to exploit favorable execution.
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