No return seen in euro CLOs for Norinchukin
Even after the Japanese financial year-end at the end of March, Norinchukin Bank is unlikely to return to the European market as an anchor investor in senior CLO tranches, according to a CLO manager with knowledge of the bank’s approach.
At the beginning of 2019, the Japanese agricultural bank was one of the only senior investors in the market and was willing to buy triple-A CLO tranches at least 5bp tighter than where other investors were pricing the bonds.However, its outsizerole drew increasing scrutiny, including ...
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