Longer lead-ins to drag on pace of euro CLO issuance

The pipeline of new European collateralised loan obligations is building, but a lack of investors at the top of the capital structure and a scarcity of assets will drag on the pace of issuance, said market participants.

  • By Joseph McDevitt
  • 04 Oct 2013

It can take several months to market and price a European CLO. Investors favour strongly ramped up deals — with 70% seen as the ideal level, according to one London-based CLO specialist — while sustained challenges such as difficulties with 122a risk retention compliance remain.

Despite this, the ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%