Avoca Capital, a buy-side firm that recently issued its debut collateralized debt obligation in the European market, is looking to add some expertise. Kieran Mulcahy, director in Dublin, says Avoca is looking to recruit three credit analysts and a CDO portfolio manager to complement its growing business. Avoca closed its first offering, a E300 million repackaging of leveraged loans, earlier this month.
Mulcahy says the firm will focus on ramping up the CDO next year and will then look to arrange another offering, noting there has been a lot of interest in leveraged loan-backed CDOs from a number of collateral managers. As a result, he expects the first quarter will bring a hearty supply of new senior secured-backed CDOs to market.
Avoca Capital was founded in 2002 by Dónal Daly and Alan Burke, managing directors, and a group of acquisition finance bankers from AIB Capital Markets in Dublin. Deborah Carter, Stephen Tang and Eddie O'Neill are also directors at the firm.
