Euro CLO managers unfazed by stubborn triple-As

CVC 230
By Tom Porter
28 Mar 2014

CVC Credit Partners priced its first European CLO of the year this week, ensuring the euro primary market’s busiest quarter for years. CLO managers told GlobalCapital they were untroubled by triple-A spreads remaining stubbornly above last year’s levels and just happy to be pricing deals again.

Arranger Goldman Sachs priced CVC Cordatus Loan Fund III on Thursday, and one investor said the €450m deal broadly followed a familiar 2014 trend of thin demand for the triple-A notes, decent demand for the equity piece and bumper subscriptions for most junior tranches in between.

“The market ...

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