EU CLO investors eye fat mezzanine debt spreads
European CLO investors are targeting mezzanine and junior tranches of US and European deals, as wide spreads further down the capital stack lag the aggressive tightening seen in senior paper.
Spreads on mezzanine and junior CLO debt last year were stickier than on triple-A paper, which moved from around 150bp to below 100bp.With the primary pipeline yet to kick off in 2017, the market is yet to see an indication of appetite low down in the capital ...
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