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CLO supply to improve, but risk retention ruling could dent European demand

A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.

  • By Bill Thornhill
  • 12 Feb 2018

The District of Columbia Court of Appeals ruled last Friday that US CLO managers should be exempt from risk retention requirements in a surprise judgment that supported the arguments made by the Loan Syndications and Trading Association against federal regulatory agencies.

The LSTA filed a lawsuit against ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 BNP Paribas 18,968.83 86 7.92%
2 JPMorgan 15,851.40 52 6.62%
3 Deutsche Bank 14,910.43 52 6.23%
4 Credit Agricole CIB 13,287.71 61 5.55%
5 Goldman Sachs 12,997.24 58 5.43%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Goldman Sachs 5,404.19 42 7.77%
2 BNP Paribas 4,918.81 57 7.07%
3 Deutsche Bank 4,345.09 43 6.25%
4 JPMorgan 3,950.54 44 5.68%
5 Credit Suisse 3,757.05 40 5.40%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 20,123.74 153 10.17%
2 Goldman Sachs 15,830.49 107 8.00%
3 Credit Suisse 13,629.27 97 6.89%
4 Bank of America Merrill Lynch 13,267.41 122 6.70%
5 Citi 13,132.03 109 6.63%