Dock Street Auctioning Assets From Saturn Ventures II

December 11, 2009 (Aaron Johnson, Debtwire ABS): Dock Street Capital will liquidate original face USD 223m of CDO, CLO, CMBS and MBS assets from Saturn Ventures II, according to an auction announcement and a pair of buysiders. The auction takes place Friday 18 December.

Bids on the USD 52m – current face USD 50m – of CDO, CLO and CMBS assets are due at 10am EST Friday. There are 17 bonds in that lot.

Bids on the remaining 71 RMBS bonds totaling USD 171m – current face USD 70m – are due at 2pm EST Friday.

At least two other CDOs, Barramundi CDO I and Cairn Mezz ABS CDO IV, will be selling assets next week, as previously reported. Barramundi’s USD 531m of RMBS, CDO and CMBS bonds will be sold Monday and Wednesday, and Cairn’s USD 39m of RMBS will be sold Thursday.

Saturn II closed April 2004, was managed by Church Tavern Advisors and underwritten by Citigroup. The deal’s trustee is Bank of America, which bought LaSalle Bank, the deal’s initial trustee.

Next week will be the second straight week of heavy auction activity. This week at least four CDOs and one lot of SIV assets were disbursed: Tricadia 2004-2, Pioneer Valley Structured Credit CDO I, buckets from Victoria Finance, ZAIS Investment Grade Limited VIII and Madaket Funding I, which was supposed to wrap up this morning.

Color on the liquidations has been tough to gather. The more auctions and BWICs that circulate in a week, the more difficult it is to get information, one buysider remarked, because when just one auction is taking place, everybody is focused on the same thing. “You have to have been lucky to get some of these follow-ups,” he added.

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