Senior euro CLO buyers push for yield as summer supply builds

The limited pool of buyers that exists for the senior portions of European collateralised loan obligations is looking to push spreads wider on the triple-A bonds of upcoming deals, according to CLO officials on the frontline in London. But some participants fear that new deals could be tough to execute in the long run without an anchor investor for senior tranches, writes Hugh Leask.

  • By Joseph McDevitt
  • 08 Aug 2013


The supply of new deals in Europe continues to increase, defying the August tradition of a near-halt to 

market activity until the end of the summer. But the buyer base for the largest slices of new deals is not growing at the same rate, giving existing buyers 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 %
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1 Citi 74,831.87 212 13.30%
2 Bank of America Merrill Lynch 65,702.99 205 11.68%
3 Wells Fargo Securities 55,583.74 178 9.88%
4 JPMorgan 40,793.11 141 7.25%
5 Credit Suisse 30,239.23 97 5.38%