CVC targets new senior tight with European CLO

Deutsche_Adobe_575x375
By Owen Sanderson
15 Sep 2020

CVC Credit is marketing a new European CLO, CVC Cordatus XVIII, via Deutsche Bank, with initial price thoughts targeting a new Covid-19 era tight at 120bp-125bp. At the tight end of the range, this spread would be in line with Credit Suisse Asset Management’s Madison Park XV, which was issued in mid-March, just before the wrenching sell-off slammed the market window shut.

Like several other managers with access to equity, CVC has already issued one CLO since the pandemic hit, printing Cordatus XVII in June, before moving to open another warehouse.

CBAM Europe is said to be on its third deal already, less than four months after its European ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial

Want to learn more? View subscription options