CBAM brings first post-Covid CLO ahead of market drought

By Tom Brown
04 Jun 2020

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. ...

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