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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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 33,707.86 107 11.65%
2 JPMorgan 26,311.06 76 9.09%
3 Wells Fargo Securities 25,846.25 72 8.93%
4 Bank of America Merrill Lynch 23,273.95 75 8.04%
5 Barclays 17,494.57 59 6.04%