UK/NETHERLANDS/BELGIUM - The Royal Bank of Scotland Financial Markets is to market Fortis Investment Management's inaugural managed synthetic CDO.
In addition to a E870m super senior credit default swap, Reubens I CDO will offer four tranches of notes totalling E130m, with an average life of seven years and legal final of eight years.
The deal is expected to total E1bn and is referenced to investment-grade corporate credits.
The deal is expected to close this month.
There is currently no indication of likely price talk from RBS.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.