June 2007
Best borrowers 2007: Best CDO borrower: Babson Capital
Babson has leveraged its impressive franchise through a series of innovative deals over the past year.
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"A good CLO manager needs a very strong credit culture. You must underwrite the credit first but be savvy enough to understand the implications of a credit decision on a CLO’s structure. You should not manage credit to the structure – you should manage the credit first"
Tom Finke, Babson Capital |
There is no doubt that size matters in the CDO market. And Euromoney’s CDO borrower of the year for 2007 is both big and clever. A recent industry ranking put Babson Capital at the top of the pile for corporate cash CDOs, with $15.8 billion outstanding in April this year. The firm is truly international, having been way ahead of the pack in setting up its European operation with the acquisition of Duke Street Capital Debt Management in May 2004.
Babson Capital and its subsidiaries had more than $88 billion of assets under management at the end of December 2006, and it is this size that gives the manager its clout in the CDO market. But Babson has also been behind some of the more innovative deals in the market over the past 12 months.
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