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

St paul's
By Tom Brown
18 Feb 2019

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.

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.

The extra basis ...

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