European Securitization
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Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause -
Manager adds almost €100m across the CLO's capital structure
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Deal primarily backed by loans originated by specialist lender RNHB
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Key points of contention include the investor sanctions regime and the definition of 'resilience'
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The triple-A rated notes' spread widened by 25bp compared to the original deal
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Bank11 grew its deal from €500m to €600m
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The €500m deal tightened by 8bp from IPTs
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Magnetar and Chorus Capital lose experienced pros
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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
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Spreads on CLO liabilities stay wide, making resets for deals from multiple vintages unattractive
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Advanzia plans on being a regular issuer through its master trust
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The acquisition was announced a day before Lendco priced its Atlas securitization
