|Charles Bennett, head of loan sales at Credit Suisse|
Consolidation by firms such as Blackstone GSO, 3i and Pramerica means that there has been a 25% drop in the number of active CLO managers in Europe since 2008. But the new-issue CLO market continues to grow. Every CLO manager in Europe is being courted by the active investment banks, says Bennett. Credit Suisse reopened the market with Cairn, many have already mandated others for a new deal, and we confidently expect around 12 to 15 new CLOs in Europe by the year end.