Norinchukin deadlines said to push CLO mezz wider

Japanese anchor investor Norinchukin is directing issuers to print new issue euro CLOs within a week, according to market sources, leading to pressure on syndicate desks to place the mezzanine, weaker spreads — and tougher times for equity investors.

  • By Tom Brown
  • 05 Feb 2019

“All the deals are on a pretty tight schedule,” said one trader. “They have to print within a week or the anchor investor moves on.”

Norinchukin is also forcing all deals to be printed on Friday, explaining why the GSO and Carlyle CLOs printed within minutes of ...

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1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
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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4 JPMorgan 7,314.30 26 9.25%
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