NIBC ups the ESG bar with new euro CLO

Environmental, social and governance ESG green adobe stock 230x150 AS
By Owen Sanderson
22 Nov 2019

Dutch manager NIBC has printed a new European CLO, North Westerly VI, which raises the bar for ESG standards in the leveraged credit market, with an absolute ban on companies involved in a variety of problematic industries — irrespective of the proportion of their earnings that comes from the activity in question. It has also committed to ESG scoring through the trustee reports, so buyers of the CLO debt can monitor the portfolio’s ethics down the road.

Boutique fixed income investor TwentyFour Asset Management, a substantial player in the CLO market, said: “We looked in detail at NIBC’s process and we appreciate the effort and commitment it has shown in leading the industry on the right path.”

Several other CLO platforms in Europe have adopted ...

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