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.
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 ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com