Deutsche Bank has priced the notes for Avoca CLO I from Avoca Capital, a new asset management firm founded by ex-AIB Capital Markets staffers. The deal is for E304 million. A source said the triple-A notes priced at EURIBOR plus 53 basis points, which is better than expected, though the subordinated pricing was slightly higher than anticipated. Avoca founder Donal Daly, was CLO director at AIB, where he was responsible for the management of two CLO funds. Officials at Avoca referred questions to Deutsche Bank officials.
Deutsche Bank is also aiming to price the notes backing The Alcentra Group's latest CLO, which is a E300 million deal called Jubilee III. "There may be an opportunity to complete this deal before the end of this year," said a source. Officials at Deutsche Bank declined comment.