Longer lead-ins to drag on pace of euro CLO issuance

The pipeline of new European collateralised loan obligations is building, but a lack of investors at the top of the capital structure and a scarcity of assets will drag on the pace of issuance, said market participants.

  • By Joseph McDevitt
  • 04 Oct 2013

It can take several months to market and price a European CLO. Investors favour strongly ramped up deals — with 70% seen as the ideal level, according to one London-based CLO specialist — while sustained challenges such as difficulties with 122a risk retention compliance remain.

Despite this, the ...

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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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 82,406.77 239 12.85%
2 Bank of America Merrill Lynch 71,317.58 219 11.12%
3 Wells Fargo Securities 62,984.09 198 9.82%
4 JPMorgan 45,920.23 145 7.16%
5 Credit Suisse 37,235.50 114 5.81%