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BankUnited sells off CLO portfolio in open market for $431 million
By Susanna Moon
Chicago, Dec. 18 - BankUnited, Inc. said it executed the last open market sales of its collateralized loan obligations portfolio.
The amortized cost basis of the CLOs sold was about $431 million, comprising the company's entire CLO portfolio, and the sales resulted in a net loss of about $1.4 million, according to a company press release.
The sales of the CLOs were prompted by the recent release of the Volcker Rule, Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and its potential impact on BankUnited's investment activities, the release noted.
BankUnited is the bank holding company of BankUnited, NA, a national bank based in Miami Lakes, Fla.
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