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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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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1 Citi 130,010.09 379 11.12%
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3 JPMorgan 102,778.33 300 8.79%
4 Wells Fargo Securities 93,728.92 276 8.01%
5 Credit Suisse 76,904.09 209 6.58%