ICG launches, as Japanese CLO bid set to stand firm through year-end

The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.

  • By Tom Brown
  • 18 Feb 2019

Norinchukin Bank has been involved with Carlyle, GSO, Credit Suisse Asset Management, and Blue Mountain's CLOs, all of which have all been printed with senior notes at a level of 108bp. This run ended with Spire’s CLO which was priced on Thursday at 114bp.

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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 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 69,085.90 230 10.50%
2 JPMorgan 63,371.79 193 9.63%
3 Wells Fargo Securities 50,770.30 154 7.72%
4 Bank of America Merrill Lynch 50,413.91 166 7.66%
5 Credit Suisse 45,852.68 144 6.97%