Avoca Capital, a buyside firm that recently issued its debut collateralized debt obligation in the European market, is looking to add some expertise. Kieran Mulcahy, director in Dublin, said Avoca is looking to recruit three credit analysts and a CDO portfolio manager to complement its growing business. Avoca closed its first offering, a E304 million CLO, earlier this month with Deutsche Bank pricing the notes (LMW, 12/15).
Mulcahy said the firm will focus on ramping up the CLO next year and will then look to arrange another offering, noting there has been a lot of interest in leveraged loan-backed CDOs from a number of collateral managers. As a result, he expects the first quarter will bring a hearty supply of new senior secured-backed CDOs to market. Avoca Capital was founded in 2002 by Dónal Daly and Alan Burke, managing directors, and a group of acquisition finance bankers from AIB Capital Markets in Dublin. Deborah Carter, Stephen Tang and Eddie O'Neill are also directors at the firm.