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European CLO Round-up: YTD Issuance on Par with 2016 Levels

Europe CLO issuance v outstandings

After one new vehicle last week – a European CLO debut by U.S. manager HPS – attention this week is on the pipeline.

Credit Suisse is seeking to price a new issue for Credit Suisse Asset Management, namely, Cadogan Square CLO IX, according to sources. The deal launched to investors a couple of weeks ago. On the refi front, Stifel is set to wrap up the repricing of Bosphorus CLO II. The manager—Commerzbank Debt Funds Management—is seeking to reprice the triple-A coupon on the shortdated vehicle in the 70 area. The Class C paper will be re-launched as part of the repricing.

European CLO issuance stands at €4.78 billion so far in 2017, unchanged from YTD 2016, according to LCD.

This analysis is part of LCD’s CLO Weekly Review, by Isabel Witt. Along with volume stats and analysis, the Weekly also details

  • A Europe/US CLO pipelines
  • Recently priced CLOs
  • Risk-retention, as a share of global market
  • AAA spreads/CLO 2.0 spreads
  • European/US loan market stats

You can learn more about the CLO market and how it works at LCD’s online market Primer.

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This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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