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With $124bn 2014 was biggest year for CLO issuance ever

Wednesday, January 14, 2015

Komfie Manalo, Opalesque Asia:

The global Collateralized Loan Obligation (CLO) market reached $121bn in 2014 involving 237 deals, the largest on record for CLO issuance, according to the latest report by international law firm Appleby.

In Appleby’s Insight Into the Global CLO Market, it found that there was $61.8bn of issuance in the last six months of 2014, a similar value of deals priced in the first six months of 2014 was $62m.

Appleby said, "[The] average deal size was $511m, slightly lower than the first half of 2014. For the year as a whole the average deal size was $523m, 10% higher than the equivalent figure for 2013," and added, "The top ten deals by value for the second half of the year represented 14% of the value for all deals for the period. Average deal size for this group was $897m."

According to the report, a core set of Arrangers continue to dominate the CLO market, with Citigroup leading the ranking for the year pricing 34 deals valued at $18bn. Five managers managed five issuances during the year, and a further four managers issued four deals, Appleby said.

It added, "As we close the year, the final Risk Retention Rules were published by the Federal Reserve giving CLO managers two years to comply. These changes will affect the market, and will make it harder for some smaller managers to get deals away. This will result in consoli......................

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