Investor demand for exotic CLOs spurs new structures

Tennenbaum Capital Partners last week sold $147.9m of publically rated debt backed by a potential direct lending portfolio to a handful of insurance companies, before any of the assets had been originated. In a hot CLO market, talk of more exotic financing structures and riskier collateral is growing.

  • By David Bell
  • 06 Mar 2018
According to the portfolio limits outlined in the presale report, the deal, TCP DLF VIII 2018, will ultimately consist of 80% senior secured middle market loans. There are also buckets for investment in debtor-in-possession loans, participation interests and high yield bonds, as well as non-US investments, provided they ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 9,725 17 21.27
2 JP Morgan 4,494 5 9.83
3 Citi 4,296 9 9.40
4 Bank of America Merrill Lynch (BAML) 3,067 11 6.71
5 Lloyds Bank 2,346 10 5.13

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1 Citi 60,171.95 171 11.52%
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3 Wells Fargo Securities 39,794.15 117 7.62%
4 JPMorgan 39,624.65 113 7.59%
5 Credit Suisse 30,978.90 74 5.93%