Spanish supply hopes grow as SME CLO spreads tighten
Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.
Volumes of investor-placed Spanish SME CLOs fell off a cliff in the wake of the financial crisis as Spain’s economy and housing market collapsed. Since 2008 deals have almost exclusively been retained by originators for repo purposes.Late 2014 saw the first “significant issuance” of a Spanish SME ...
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