Talk of leverage spikes as returns shrink in CLO debt

Spreads keep tracking tighter in senior triple-A CLO paper, narrowing investor returns in a busy market and driving talk of leveraging bonds throughout the debt capital structure.

  • By David Bell
  • 01 Nov 2017

With $92.86bn of new CLOs sold this year, volumes have almost doubled compared to 2016, and with still two months of the year to go the market is easily on track to beat the $99.07bn sold in 2015, according to Wells Fargo data.

Investor demand — domestic, European ...

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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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 108,190.43 309 12.88%
2 Bank of America Merrill Lynch 95,782.14 279 11.40%
3 Wells Fargo Securities 80,847.28 245 9.63%
4 JPMorgan 58,524.24 184 6.97%
5 Credit Suisse 43,977.05 134 5.24%