US CLO debt still attractive for Japanese buyers — BAML

Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.

  • By David Bell
  • 09 Jul 2018

Japanese institutions have become an integral part of the US CLO investor base in recent years. But with spreads widening in recent weeks, concerns have been raised over whether those buyers are losing interest in the market, wrote the BAML analysts in the research note.

Such concerns have ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
3 Wells Fargo Securities 69,655.75 196 8.23%
4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%