CBAM brings first post-Covid CLO ahead of market drought
CBAM Partners is the first manager to price a debut CLO in Europe since the Covid-19 pandemic began but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.
CBAM’s deal is called Vendome Funding, arranged by JP Morgan.
Eldridge-backed CBAM had multiple warehouses open before the covid pandemic struck, according to two market sources. The latest exit is from the JPM warehouse.Compared with pre-covid activity, almost no new warehouses have been opened up in Europe. ...