Investcorp announces rapidly ramped CLO with BNPP

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By Tom Brown
24 Sep 2020

BNP Paribas has announced Harvest CLO XXV for Investcorp Credit Management, the second post-Covid CLO issue for the manager. Though its 45% ramping is lower than usual for a new CLO, this allowed the manager to build the portfolio from August, in full knowledge of second quarter figures for the underlying companies.

The €350m deal has a one year non-call date and a 3.4 year reinvestment period.

BNPP has released initial price thoughts for the class ‘A’ notes of 110bp area. The update guided the ‘B-1’ notes at 165bp to 170bp, while the ‘B-2’ notes are listed as “call desk”.

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