Man GLG scores tighter, shorter triple-A
Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.
Barclays led the deal, one of several CLOs intended to be issued last year but held back. Managers found that thin new issue loan supply in the fourth quarter slowed ramping, while an amendment to the warehouse facility pushed out the maturity to enable execution of a
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