AlbaCore European debut breaks another record

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By Owen Sanderson
29 Jun 2020

First time CLO issuers in Europe are seeing little to no premium on their market debuts, with AlbaCore’s market debut pricing its senior notes inside Investcorp’s 24th deal and the second issue from MacKay Shields. This follows strong debuts from CBAM Europe and BlueBay, which also printed inside or in line with more established issuers — though lower leverage may have helped.

Arranger Bank of America placed AlbaCore Euro CLO Il’s senior notes at 153bp, the tightest level post-virus for a euro CLO, coming inside the 155bp level BNP Paribas achieved for Mackay Shields Euro CLO-2 and 160bp for Investcorp’s Harvest XXIV, arranged by Barclays.

Investors have typically required a ...

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