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Pre-2020 European CLO refi/reset pipeline grows as 9 CLOs file notices


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Pre-2020 European CLO refi/reset pipeline grows as 9 CLOs file notices

A total of nine European CLO managers last week published new notices on Euronext Dublin to announce that they were considering the potential refinancing or reset of outstanding CLOs.

LCD counts at least nine additions — one CLO per manager — to an already teeming pipeline, driven by the ongoing compression in liability spreads.

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The extent to which lability spreads have tightened has already prompted analysts to revise earlier forecasts for refinancing and reset totals for this year.

In a research note published this morning (March 1), analysts at BofA Securities updated their forecast to adjust for the spread tightening seen since the beginning of January and the number of deals coming out of their non-call periods this year. BofA Securities now expects the refinancings and resets total to come in at €30-40 billion this year, versus its previous forecast of €7-15 billion.

Of those deals that came off the pipeline to price last week, it was a dead heat between refinancings and resets, which totaled seven deals apiece.