CLO Pipeline Stays Strong

Risk may be rising in leveraged loans and spreads are certainly contracting, but collateralized loan obligation managers are still finding plenty of interest.

  • 11 Mar 2005
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Risk may be rising in leveraged loans and spreads are certainly contracting, but collateralized loan obligation managers are still finding plenty of interest. Deals for American Express Asset Management, American Money Management, Ares Management,Black Diamond Capital Management and Octagon Credit Investors, are currently being marketed.

CLOs offer exposure to a broad spectrum of credit sectors versus other CDO products and makes sense as a diversification tool even without large spread pickups, said one analyst in a report. The analyst is also positive on fundamentals. More risk is creeping in, but this is not excessive. Cash flow multiples look positive and while equity contributions are falling they are well within historical standards, he added.

  • 11 Mar 2005

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
  • Today
1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%