Sound Point cements rapid euro rise with third deal
Sound Point Capital has rapidly expanded its euro CLO platform with a third deal in less than 10 months, speeding ahead of last year’s other market debutants — most of which are yet to print a second deal in euros. The credit manager has access to equity investment through a deal with Canada’s CPPIB pension fund, which may have helped its swift growth.
Morgan Stanley priced Sound Point Euro CLO III on Tuesday, printing the triple-A rated notes at 95bp — a touch wider than Man GLG, but in line with recent issues from Partners Group and Investcorp. The subordinated notes, as well as class ‘F’ and ‘Z’, were pre-placed.Man GLG's ...
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