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Scandinavian asset management firm Accunia priced its debut CLO on Tuesday, as other CLO managers switch from sponsor structures to originator risk retention models to account for the uncertainty over future UK passporting rights. -
The result of the UK referendum on EU membership is likely to encourage Japanese triple-A investors to focus more heavily on US CLO paper, said CLO market participants this week.
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UK CLO managers who fund CLO risk retention through the sponsor route are scrambling to set up alternative structures in the wake of the British referendum result, which could see the end of passporting rules and threaten the ability of UK based managers to run European CLOs.
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Valeant Pharmaceuticals is facing an important test in its ability to reverse its fortunes this summer, as CLO market players say that the fate of the Canadian pharmaceutical giant will have a substantial effect on the sector.
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Copenhagen-based Accunia is about to become the first Nordic asset manager to price a CLO, expecting to price a €360.5m deal this week.
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This year has seen increased cross-Atlantic activity, as European investors hunt yield in the US market and US managers look to set up shop in Europe, eyeing up the tighter spreads available. This could mark the emergence of a truly global market, but will the increasing globalisation of the CLO sector help the European market flourish?
