Pricing for Cairn CLO driven in tight to make economics work

15 Feb 2013

Cairn Capital and arranging bank Credit Suisse have taken advantage of pent-up demand for new European CLOs this week, driving pricing in a new European leveraged loan CLO to the tight end of spread expectations.

This week marked the first week of proper price discussion with CLO investors in the US and Europe. Cairn Capital showed investors the offering circular for Cairn CLO III two weeks ago; now Credit Suisse has started selling the deal.

It went out with guidance of 140bp-145bp over Euribor ...

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