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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2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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