Senior Cairn CLO investors look to offload bonds

09 Jun 2013

Investors in the top tranches of the first new issue European collateralised loan obligation since 2010 are trying to offload the bonds into the secondary market. This is most probably because the deal does not comply with the European Banking Authority’s draft changes to the Capital Requirements Directive 5% risk retention requirement.

Both triple-A and double-A bonds from Cairn Capital’s European CLO have surfaced into the market. “People have been trying to sell them above par in the past few days to obviously try and make a bit of a gain. But we don’t know yet if [sellers] are going ...

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