CLO equity buyers eye risk retention, warehouse first loss pieces

Risk retention financing and warehouse first loss pieces are becoming increasingly attractive trades for European CLO equity buyers as they face growing competition from US buyers and junior debt investors creeping down the capital stack.

  • By David Bell
  • 12 Apr 2017

Surging interest from US buyers and junior debt investors looking further down the capital structure is forcing some traditional buyers of European CLO equity to look at investment opportunities at the low end of the CLO credit spectrum.

One opportunity that many firms are eyeing, and which one ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%