European CLO market springs back to life with Redding Ridge, Permira deals

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By Owen Sanderson
28 Apr 2020

The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.

Risk markets plunged during March, sending European leveraged loan prices down 20 points or more. CLO equity, a play on leveraged loans, traded into the 30s, and CLO managers with open warehouses and deals in preparation mulled their options — hang back and hope for a market ...

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