Pipeline builds as wider euro CLOs pull in buyers

By Tom Porter
21 Aug 2014

CLO investors told GlobalCapital this week that a recent widening in European CLOs has represented a buying opportunity, as they expect spreads to track inwards again once the next clutch of euro-denominated deals emerge into the primary market.

A softening in demand for lower-rated CLO paper across the European market was in evidence earlier this month when Chenavari priced the double-B and single-B tranches of its shrunken €300m Toro CLO at large discounts to par value.

But managers have not been put off. Pramerica announced this week ...

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