Pricing for Cairn CLO driven in tight to make economics work

Cairn Capital and arranging bank Credit Suisse have taken advantage of pent-up demand for new European CLOs this week, driving pricing in a new European leveraged loan CLO to the tight end of spread expectations.

  • 15 Feb 2013

This week marked the first week of proper price discussion with CLO investors in the US and Europe. Cairn Capital showed investors the offering circular for Cairn CLO III two weeks ago; now Credit Suisse has started selling the deal.

It went out with guidance of 140bp-145bp over Euribor ...

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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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%