European managers break 80bp CLO reset barrier

By Tom Brown
05 Mar 2021

Recent CLO resets have broken through the 80bp spread barrier for triple-A paper in recent weeks, bringing the market to its tightest point since coronavirus lockdowns began a year ago.

Intermediate Capital Group, Alcentra, Oaktree and PGIM have all reset deals below 80bp over three month Euribor.

ICG on Thursday reset its €417.7m St Paul’s CLO IV deal to a discount margin of 79bp, with the help of JP Morgan.

CLO resets and refinancings surged in February, when 13 transactions ...

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