Asset managers snatch all Banif mezz, and most of senior

By Tom Porter
22 Sep 2014

Asset managers from the UK and mainland Europe took a huge proportion of Banco Internacional do Funchal’s (Banif) recent dual tranche SME CLO, snapping up all the mezzanine and leaving bank treasury accounts scrapping for what was left of the senior bonds.

Banif priced Atlantes AME 4’s €465m of A-/A rated 1.35 year bonds at at 98bp over three month Euribor, and its €55m of BBB/BBB rated 2.93 year mezzanine notes at 148bp over the same benchmark last week.

The senior notes drew 31 investors and were 1.5 times ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial