Citi spin-off brings third CLO of year as bulging pipeline softens mezz

Napier Park, the $6bn hedge fund that was spun off from Citi in 2013, is set to price its third CLO of 2014 in the next two to three weeks. Several other deals are in the pipeline but while demand for CLO equity is strong, widening mezzanine spreads are making that part of the capital stack hard to place.