European CLOs hit tight levels with new deal

Chenavari Investment Managers priced its third ever European CLO at its tightest levels last week, though triple-A spreads were a touch wider than other recently issued deals as sources say manager tiering is creeping into the European market.

  • By David Bell
  • 06 Mar 2017

Chenavari’s €350m Toro European CLO 3 was arranged by Barclays and closed on Friday last week, with the senior triple-A rated notes sold at 96bp over three month Euribor.

The structure sold debt tranches down to the single-B level, resulting in a weighted average cost of debt ...

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