Dublin-based Avoca Capital is preparing its debut collateralized loan obligation. The deal, set to come to market in September, will be in the E350 million range, says Kieran Mulcahy, director. The CLO will be backed by a portfolio of leveraged loans and lead-managed by Deutsche Bank.
Avoca was founded last year by Dónal Daly and Alan Burke, managing directors. Mulcahy, Deborah Carter, Stephen Tang and Eddie O'Neill are also directors at the firm. All the directors previously worked in acquisition finance for AIB Capital Markets also in Dublin, where they completed and managed two CLOs--Tara Hill and Clare Island. Avoca is named after an area of Ireland south of Dublin.
CLOs of leveraged loans have been a popular asset class this year with investors and issuers alike. Henderson Global Investors, Duke Street Debt Capital Management and M&G Investment Management are all either planning or have launched CLOs of leveraged loans this year.