‘Year-end jitters’ come early for European CLO market as spreads widen
The European CLO market has widened from the long standing 90bp level for triple-A bonds seen for much of 2019, as the pricing difference between new and more established managers begins to blur.
Credit Suisse Asset Management (CSAM) priced a CLO reset on Tuesday which saw triple-B notes land at 456bp, significantly wider than recent prints and approximately 83bp wider than the original 2016 notes.
“Year-end jitters came early,” said a syndicate head, explaining the investor response.
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