CLO deals to continue but smaller managers shut out

Securitization experts predict no let-up in this year’s resurgence of European collateralized loan obligations after the summer, but they reckon the market could become dominated by big players. The outlook is bleaker for smaller, thinly-capitalised managers who are struggling to get to grips with the European Banking Authority’s risk retention amendments, writes Hugh Leask.

  • By Joseph McDevitt
  • 01 Aug 2013
July was the busiest month this year for the re-emergent asset class, with three CLOs pricing — Intermediate Capital Group’s St Pauls II CLO, Ares Management’s Ares European CLO VI, and Credit Suisse Asset Management’s Cadogan Square CLO V — altogether totalling about €1bn. Since Cairn Capital kickstarted ...

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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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%