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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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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1 Citi 9,235.10 31 12.19%
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4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%