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Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
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Demand for riskiest tranches and improved loan supply could support growth in issuance
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Intermediate Capital Group’s first European CLO of the year was priced at levels broadly in line with other European deals this year. Arranger Deutsche Bank increased the overall size of the deal by €75m to accommodate fervent investor demand.
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The European CLO primary market continues to make light of regulatory concerns that have caused a slowdown in the US market this year to date. Carlyle Group and 3i Debt Management printed deals at the start of the week, and Intermediate Capital Group is due to price St Paul’s IV CLO early next week.
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Three European CLO deals hit the market this week in quick succession, bringing the total number of deals priced this year to four, with several more waiting in the wings. But great uncertainty is hanging over the market while US legislators wrangle over the Volcker Rule’s treatment of CLOs, which is stymieing US bank investors who are increasingly looking to Europe as domestic spreads compress. -
CELF Advisors and Credit Suisse priced Carlyle Global Euro CLO 2014-1 on Monday, with another CLO set to follow quickly, as 3i Debt Managment is due to price its Harvest VIII CLO this week. Pricing of the Carlyle deal was considered tighter than the US as it complies with risk retention regulations and can therefore attract a wider audience.
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RBS has priced 3i Debt Management’s Harvest CLO VIII, taking this week’s European CLO supply to close to €800m. Intermediate Capital Group’s St Paul’s CLO IV is also expected to price by the end of the week as momentum builds despite lingering regulatory concerns.
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The European market for collateralised loan obligations could see €8bn-€12bn of new supply in 2014, according to experts at an industry conference in London on Tuesday. But while the buyer base is broadening and demand is increasing, regulation – in particular the Volcker Rule in the US – is continuing to put a dampener on market sentiment.
