Oaktree, Octagon turn to CLO hybrid debt structure

Oaktree Capital Management is using a combination note carve-out structure to execute its first deal of 2019, Oaktree CLO 2019-1, which will give the noteholder equity control of the deal while holding a piece of debt rated as investment grade.

  • By Alexander Saeedy
  • 25 Mar 2019
Combination notes allow institutional investors such as pension funds or insurance companies to invest in lower rated CLO debt. While the use of combo notes has not been widespread across CLO markets since the financial crisis, sources report that they may become more common as more institutional investors ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

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3 Wells Fargo Securities 25,846.25 72 8.93%
4 Bank of America Merrill Lynch 23,273.95 75 8.04%
5 Barclays 17,494.57 59 6.04%