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.
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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