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 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 Credit Suisse 10,691.12 19 5.70%