Barings poised to price third euro CLO in 2018, First Citizen back with Irish auto ABS

The €400m CLO deal, managed by Barings (UK) Limited, is set to price on Friday with spread talk on lower rated tranches indicative of a widening in CLO liability costs potentially pinching equity returns. Meanwhile, Magnetar Capital’s First Citizen Finance is marketing its second auto ABS deal backed by Irish loans.

  • By Asad Ali
  • 22 Nov 2018

Barings Euro CLO 2018-3, arranged by Credit Suisse, is rated by Fitch Ratings and Moody’s.

Classes A-1 to B-2, from triple-A down to double-A, have already gone ‘subject’ with spreads yet to be revealed. 

But spread talk for the lower rated tranches shows liability costs gapping wider compared with ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

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3 Wells Fargo Securities 37,802.87 110 8.06%
4 Bank of America Merrill Lynch 35,114.60 112 7.49%
5 Credit Suisse 30,324.55 94 6.47%