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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1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

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3 JPMorgan 101,741.96 296 8.79%
4 Wells Fargo Securities 91,373.90 263 7.89%
5 Credit Suisse 76,186.18 204 6.58%