Senior CLO debt slashed by 37bp in successful first AMR auction

By Paola Aurisicchio
31 Jan 2020

The first ever refinancing of a CLO via an applicable margin reset (AMR) auction was a success this week, with BNP Paribas among the winning bidders, trading 73% of the total CLO, according to sources familiar with the matter.

The first refinancing of a CLO using the AMR feature took place on Thursday, with TCW repricing $351.5m of bonds originally sold in 2019 via MUFG.

The auction was live for two hours, during which time all five tranches were traded and the $240m triple-A class was reset ...

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