European Securitization

CLO mezz tight but seniors stuck, another specialist lender collapses

Issuer's £280m deal was cleverly marketed

With equity returns under strain, managers would do well to slow the pace of CLO issuance

Believed to be the largest sale of Islamic home financings to have taken place in the UK

Manager tightens spreads and increases the size of 2024 deal

Reset also adds a sterling tranche and tightens pricing across much of the capital stack

9Y Capital agreed a forward flow with Kroo, following Glenhawk’s recent agreement with Kroo

Manager achieves tighter pricing than on previous Aqueduct deal across most of the CLO’s capital stack

◆ The collapse of another specialist lender hits asset-backed lending but why it's different this time ◆ MDBs ramp up private funding ◆ No greenium but European banks happy to print more ESG labelled debt

Fall of Amplifi Capital due to credit deterioration as opposed to fraud

A shallow investor base and heavy issuance prevents spread tightening

BCLP has also added a partner to its London office