The Federal Reserve Bank of New York has sold $6.2 billion in assets from its Maiden Lane II LLC portfolio through a competitive process to Goldman Sachs & Co.
According to the New York Fed, the transaction was prompted by an unsolicited offer from Credit Suisse Securities (USA) LLC to BlackRock Solutions, the investment manager for Maiden Lane II, to buy the portfolio's assets. The New York Fed directed BlackRock Solutions to conduct a sale via a competitive process, and five broker-dealers – Barclays Capital Inc., Credit Suisse Securities, Goldman Sachs & Co., Morgan Stanley & Co. LLC and RBS Securities Inc. – participated in the auction.
‘I am pleased with the continued interest in these assets and am especially gratified that the New York Fed's loan to Maiden Lane II will be repaid as a result of the sale announced today,’ says William C. Dudley, president of the New York Fed.