CLO Pipeline Stays Strong

Risk may be rising in leveraged loans and spreads are certainly contracting, but collateralized loan obligation managers are still finding plenty of interest.

  • 11 Mar 2005
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Risk may be rising in leveraged loans and spreads are certainly contracting, but collateralized loan obligation managers are still finding plenty of interest. Deals for American Express Asset Management, American Money Management, Ares Management,Black Diamond Capital Management and Octagon Credit Investors, are currently being marketed.

CLOs offer exposure to a broad spectrum of credit sectors versus other CDO products and makes sense as a diversification tool even without large spread pickups, said one analyst in a report. The analyst is also positive on fundamentals. More risk is creeping in, but this is not excessive. Cash flow multiples look positive and while equity contributions are falling they are well within historical standards, he added.

  • 11 Mar 2005

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 84,503.31 246 12.96%
2 Bank of America Merrill Lynch 71,587.85 220 10.98%
3 Wells Fargo Securities 65,360.43 206 10.03%
4 JPMorgan 46,548.88 148 7.14%
5 Credit Suisse 37,323.31 115 5.73%