Norinchukin deadlines said to push CLO mezz wider

By Tom Brown
05 Feb 2019

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.

“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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