The collateralized loan obligation market received a shot in the arm last month when the first deal in more than a year was completed. Citigroup underwrote a new $500 million collateralized loan obligation, called COA Tempus CLO Ltd, which will be managed by an affiliate of WCAS Fraser Sullivan Investment Management. The Tempus CLO consists of $220 million of refinanced loans and $280 million of newly syndicated loans, according to Standard & Poor’s.
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“Until recently secondary pricing levels were so low and the resulting yields so high, you couldn’t viably look a company in the eye” Russell Morrison, Babson Capital Management |
One swallow doesn’t make a summer, but it’s a start.
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