CLO market eagerly awaits first ever AMR auction

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By Paola Aurisicchio
22 Jan 2020

The CLO market will be closely watching next week as the first re-pricing of a deal with an applicable margin reset (AMR) feature takes place using an auction. It is a crucial first test of the viability of the alternative CLO re-pricing mechanism, said market participants.

The auction, scheduled for the end of this month, will see five tranches of a $402.9m deal, managed by TCW and arranged by MUFG, exit the non-call period and receive bids from investors. The process will be run online by KopenTech, a platform that enables investors to submit ...

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