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The CLOser | February 2017
The Maples group’s industry newsletter for the global CLO market
The CLOser | February 2017
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Your Maples Global CLO Team provides Cayman Islands and Irish legal advice and CLO issuer/co-issuer and fiduciary services in the Cayman Islands, Delaware, Dublin, London and the Netherlands.
This edition of The CLOser1 includes:
• 2016 US CLO Market Review and 2017 Predictions
• 2016 European CLO Market Review and 2017 Predictions
• Irish Listings Update
• MAR – A Consequence of Listing on the Irish Stock Exchange
• The Widening Use of UK SPVs
• Maples Fiduciary: Enhanced Options for Distressed and Illiquid Assets on Wind Down
• Maples Fiduciary: Risk Retention Part II Highlights, Refinancings and Tax Administration
• A CLOser Look: Fun Facts About Two Members of Our Team
• Forthcoming Events
Appendix 1: H2 2016 US CLO Deal List
Appendix 2: H2 2016 European CLO Deal List
1 Data in this publication is derived from a variety of sources, including MaplesFS Limited, Structured Credit Investor, LCD, Leveraged Loan, Creditflux, Moody's,
S&P, Fitch, Irish Stock Exchange and Central Bank of Ireland.
The CLOser | February 2017
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The onset of risk retention on 24 December 2016 accounted
for the increased activity seen in November and December as
managers sought to issue new deals, or refinance or extend
existing CLOs in advance of the deadline and thereby avoid
the 5% required holding for deals issued or refinanced after the
deadline.
Maples Fiduciary’s "Risk Retention Survey of US CLO
Managers – Part II" released in December confirmed that 89%
of CLO managers already had a risk retention strategy in place
or ready for implementation imminently. A summary of the
survey is included on page 11.
In terms of spreads, the year was bifurcated as the first
six months saw a gradual widening of primary spreads.
Conversely, H2 welcomed spread tightening to levels last seen
in 2012, providing more favourable conditions to attract equity
buyers. AAA pricing came down from the low 150bps mark to
low 140bps by the end of the year.
Although defaults in credits related to oil and gas, mining
and minerals were reasonably prevalent in 2016, other
sectors such as healthcare, technology and retail, which had
been expected to suffer defaults, saw a lot less stress than
anticipated. Concern relating to credits in those sectors,
however, does continue into 2017.
2016 saw a total of three BSL debut CLO 2.0 managers,
namely Newfleet Asset Management (owned by Virtus),
Teachers Advisors (an affiliate of insurance giant TIAA Global
Asset Management) and Guardian Life. In the middle market,
Churchill Asset Management, Brightwood and Alliance
Bernstein all issued their first middle market 2.0 CLOs. This
demonstrates continued confidence in the product from new
entrants and the wider financial services market.
In 2016 94 different US managers priced one or more US
CLOs across a total of 252 deals, which included 96 refis,
across 247 Cayman Islands issuers and five Delaware issuers.
That compared with 219 priced US CLOs in 2015 across 212
Cayman Islands issuers, six Delaware issuers and one Irish
issuer. Carlyle, Credit Suisse Asset Management, Golub and
GSO/Blackstone priced four or more new US CLOs in 2016.
US CLO Market
2016 US CLO Market Review
Following a glacial start to the year and significantly depressed
H1 issuance levels, which resulted in significant downward
revisions by bank arrangers to their 2016 volume predictions
(as low as $35 billion for the full year), 2016 ended on a more
positive note than expected. US CLO issuance ended the year
at approximately $72 billion across 156 deals, with nearly $50
billion in additional issuance via refinancing/reset transactions
across 96 deals.
The busiest months in terms of activity were October,
November and December which accounted for $26.21 billion
in CLO primary issuance and approximately $37 billion in
refinanced or reset deals. In contrast, H1 issuance totalled
$27.12 billion from 66 deals and in 2015 refinancing volume
was less than $10 billion in total. Bank arranger predictions,
which at the start of 2016 were around the $70 billion mark,
held true despite the downward revisions in March 2016 to
$35-50 billion.
The CLOser | February 2017
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Each of Bank of America, BNP Paribas, Citigroup, Credit
Suisse, Goldman Sachs, Jefferies, J.P. Morgan, Morgan
Stanley, Natixis and Wells Fargo have priced 12 or more deals
(including refis and resets) in H2 2016, with Citigroup leading
the pack.
Average deal size in 2016 was in the low $400 million range,
compared with a $500 million median CLO size in 2015. At
the end of the year we estimated that there were about 50
warehouses still open in the CLO pipeline, compared with the
60-70 open at the start of 2016.
For a complete list of the H2 2016 priced US CLOs, see
Appendix 1.
US CLOs – What's in store for
2017?
Bank arrangers are predicting between $50-70 billion in
issuance for 2017, with Nomura and J.P. Morgan predicting
volumes at the lower end ($50-60 billion) and Morgan Stanley
and Wells Fargo more bullish at around the $70 billion mark.
The market anticipates a reduction in the number of managers
issuing new deals as a result of risk retention and an increase
in manager mergers and acquisitions. Predictions range for
between 40-70 active managers remaining at the end of 2017,
and the year started off with announcements that Marble Point
(backed by Eagle Point) had acquired American Capital and
New York Life Investments agreed to acquire a majority stake
in Credit Value Partners. However, as mentioned previously,
new entrants in the manager space (and we are aware of a
number of others) will more than likely lessen the impact of
any such manager contraction.
Some market participants are predicting, and we are already
seeing, new issue spreads tightening with current deals
already getting close to 130bps on the AAAs. We believe
that AAAs will continue to tighten and could get into the
low 120bps by year-end. At the time of writing, Octagon
Investment Partners 30 set the lowest AAA new issue print
this year at 132bps. Refinancing and repricings account for
the greatest primary market activity so far in 2017 with nearly
$8 billion in CLO repricings in January alone as managers
and arrangers take advantage of tightening spreads and the
Crescent Capital's SEC no-action letter. At the same time, the
new issue market remains sluggish as managers continue to
struggle to source new collateral at attractive prices. Making
the arbitrage work on new deals is difficult at the moment
which has not been helped by a wave of repricings at the
primary asset level. Not only have the primary repricings
been aggressive but the reductions appear to bare very little
correlation to the credit quality of the obligor with spreads
dropping significantly for all borrowers. This will continue to
make issuing new CLOs a challenge for the foreseeable future,
leading to several managers contemplating resets to extend
the reinvestment period of existing CLOs. On the positive side
of things, so long as dollar funding costs are not prohibitive,
it is anticipated that Asian investors will continue to finance
a substantial part of the senior CLO tranches and managers
will continue to find themselves on roadshows in Korea and
Japan, especially as certain Japanese banks extend their
'approved manager' lists and other investors increase their
CLO investment allocations.
Many are hopeful that President Trump will take a more
favourable approach when it comes to the regulation of the
capital markets and some pundits have even suggested
that parts of Dodd Frank could be repealed, even going so
far as to suggest that CLOs may be exempted from the risk
retention requirements. The view of many of the participants
at the Opal CLO Summit at Dana Point in California in early
December was very much that the market has positioned
itself to deal with the risk retention requirements in the US,
regardless of what President Trump may or may not do. Either
way, it is pretty clear that the US will not look to embark on
further burdensome regulation unlike the regulators in Europe
who are now eyeing a possible move to a 10% risk retention
requirement.
The Maples CLO Team certainly is looking forward to another
active year and wish all our clients and friends in the CLO
market a positive 2017. For further details, please contact:
Mark Matthews
+1 345 814 5314
Nicola Bashforth
+1 345 814 5213
The CLOser | February 2017
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What's happening in Europe?
2016 Market Review
The European CLO market had a very slow start to 2016 but rebounded strongly near the end of Q1 2016 and throughout Q2 2016.
In June 2016, the Brexit vote initially appeared to put the brakes on the European CLO market as participants weighed up the
consequences of the UK leaving the EU and the impact it would have on European CLO structures. However in July issuance levels
recovered and remained strong through H2 2016, to such an extent that the full year volume amounted to €16.8 billion from 41
deals, surpassing the previous issuance record for CLO 2.0 transactions of €14.49 billion, which occurred in 2014.
One of the key contributing factors to this increased level of activity was the availability of AAA investors. The demand for AAA
tranches of European CLOs was such that the downward pressure on AAA spreads was a consistent factor throughout 2016. These
spreads began the year around 150bps but finished up in December 2016 as low as 95bps. This demand was driven by a diverse
and expanded CLO investor base made up of banks, pension funds, insurance companies and family offices across a geographical
spread from Europe to the Far East.
2 The EU's proposal for a regulation to lay down common rules on securitisation and create a European framework for "simple, transparent and standardised"
securitisation.
Brexit
As to what Brexit will finally look like remains to be seen as
does the precise timing of the UK's departure from the EU.
However in her speech on 17 January 2017, the British Prime
Minister, Theresa May, indicated that the UK exit from the EU
would also involve it leaving the European single market.
As the UK will therefore be a "third country" vis-a-vis the
EU, UK managers will no longer be able to avail themselves
of the MiFID passport regime (although in this respect, as
noted in the August 2016 edition of the CLOser, this would
not preclude them from providing investment services to Irish
SPVs provided: (i) their head or registered office is in a non-EU
country; (ii) they have not established a branch in Ireland;
and (iii) they are not providing investment services to Irish
individuals).
During 2015 and the beginning of 2016, the majority of
European CLO transactions utilised the sponsor approach
(with a UK-based sponsor) in relation to risk retention
compliance. However, since the Brexit vote, a majority of
transactions have utilised the originator approach in respect of
risk retention compliance.
Try, Try, Trilogue Again — STS Regulation: The Saga
Continues
As if Brexit was not enough of a challenge for the European
CLO market, in June 2016 the Committee on Economic and
Monetary Affairs ("ECON") of the European Parliament issued
a draft report containing a number of proposals to amend the
draft of the STS Regulation which included, amongst others:
• increasing the economic interest in the securitisation to
be retained by the risk retention holder from 5% to 20%;
• requiring that the retention holder (originator, original
lender or sponsor) be a regulated entity;
• requiring that only institutional investors are permitted to
invest in securitisations.
These proposals were the subject of substantial consideration
and discussion within the European Parliament. In December
2016 ECON issued what it considered to be a compromise
proposal. The new proposal has retained the requirements for
the retention holder to be a regulated entity and restricting
investments in securitisations to institutional investors.
However, rather than a 20% minimum risk retention level, it
The CLOser | February 2017
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instead suggested that the minimum risk retention level should
be increased to 10% for each risk retention option, save for: (a)
the first loss tranche (remains at 5%); and (b) the retention of a
first loss exposure of every securitised exposure (increased to
7.5% of each securitised exposure). In addition, there is scope
for the minimum risk retention level to be increased to 20% in
the coming years.
Looking on the bright side, these latest proposals are not final
and will be the subject of a trialogue between the European
Commission, Parliament and Council, so the STS Regulation
may still be subject to further amendment.
European CLOs – What's in store
for 2017?
As regards the outlook for 2017, commentators are positive in
their initial outlook, with expectations that 2017 will match, if
not surpass, 2016 levels. Analysts are again predicting (as they
did at the start of 2016) European issuance levels of
€15-20 billion.
As a consequence of the lower AAA spreads a number of
existing CLO transactions have refinanced or reset in recent
months. It is anticipated that this trend will continue and refis
are likely to account for much of the activity in the European
CLO market in 2017.
However, notwithstanding the current buoyance in the market,
the twin shadows of the STS Regulation and Brexit (whatever
final forms they may eventually take) continue to loom large as
does the uncertainty of their long term impact.
For further details, please contact:
Nollaig Murphy
+353 1 619 2079
Stephen McLoughlin
+353 1 619 2736
The CLOser | February 2017
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Irish Listings Update
During the second half of 2016, 191 CLOs (US and European), comprising both new issuances and refinancings, were listed on the
Irish Stock Exchange ("ISE"). Of these listings, 164 were by Cayman Islands issuers, accounting for 86% of CLO listings. Of the 25
issuers that had European domiciles, 18 were Irish and seven were Dutch. Maples and Calder’s Dublin office listed 47.5% of all ISE-
listed CLOs and 53.5% of all Cayman Islands issuers listing on the ISE.
For the year in full, a total of 272 CLOs (US and European) were listed on the ISE. Of these, there were 225 Cayman Islands issuers
(82.5%), 30 Irish issuers (11%), 12 Dutch issuers (4.5%) and five Delaware issuers (2%). Maples and Calder’s Dublin office listed 48%
of all ISE-listed CLOs and 55.5% of all Cayman Islands issuers listing on the ISE.
Over the year, 86% of CLOs opted to list on the Global Exchange Market ("GEM") rather than on the Main Securities Market. In the
case of Cayman Islands issuers, this increased to 93% opting to list on the GEM. Nearly 60% of the European CLOs sought listings
on the Main Securities Market.
For further details, please contact:
Ciaran Cotter
+353 1 619 2033
The CLOser | February 2017
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MAR – A Consequence of Listing on the Irish Stock Exchange
What is MAR? - The European Market Abuse Regulation
("MAR"), which replaced and extended the existing market
abuse regime, prohibits insider dealing, market manipulation
and unlawful disclosure of inside information in respect of
securities listed on an EU stock exchange, applies to the vast
majority of US BSL CLOs given the market trend of listing CLO
notes on either the Main Securities Market or the GEM of the
ISE. While the Central Bank of Ireland ("CBI") has undertaken
a soft implementation of MAR with regard to securities such
as CLOs, MAR came into force on 3 July 2016 and now covers
securities listed on the GEM. CLO issuers should be in the
process of taking, or already have taken, steps to comply.
Failure to comply with MAR can result in both administrative
sanctions and criminal sanctions in the form of fines and/or
imprisonment.
Why are we listed on the ISE? - We understand that CLO
notes were originally listed on the ISE to satisfy the internal
investment requirements of various institutional EU investors
and, more latterly, Asian investors who require a listing on
an EU regulated exchange. Initially, at least, the ISE listing
provided liquidity in both the primary and secondary markets
with regard to such investors. For this reason, and as a noted
preference for certain Japanese investors, it subsequently
became market convention to list CLOs on the ISE.
Why not de-list? - The compliance obligations and costs
of MAR can be avoided completely by de-listing the CLO
issuer from the ISE. However, the relevant provisions of the
Indenture and the Offering Memorandum/Circular should be
reviewed and considered. Many Indentures contain a covenant
requiring the issuer to use reasonable efforts to maintain an
ISE listing. De-listing will likely incur certain legal fees and
costs, in addition to the ISE de-listing notice fee of €300.
How do we comply? – Each CLO issuer listed on the ISE
should:
• adopt policies and procedures relating to the treatment
of inside information, including to ensure the immediate
publication of inside information, and to ensure that
any delay in the publication of inside information is in
accordance with MAR;
• draw up and maintain, in the prescribed form, a
permanent insider list (the "Insider List") of persons with
access to inside information relating to the issuer or its
financial instruments;
• ensure persons on Insider Lists are aware of, and have
acknowledged in writing, their obligations under MAR and
the sanctions for insider dealing and unlawful disclosure
of inside information;
• draw up and maintain a list of persons within the issuer
and co-issuer discharging managerial responsibilities and
of persons closely associated with them ("PDMRs"); and
• ensure PDMRs are aware of and acknowledge in writing
their obligations relating to dealing in the issuers’ financial
instruments.
What is "inside information" in a CLO? - MAR defines
"inside information" as information that:
• is precise;
• has not been made public;
• relates directly or indirectly to the issuer or its financial
instruments; and
• if made public, would be likely to have a significant effect
on the price of those financial instruments or on the price
of related derivative financial instruments.
While, neither the CBI nor any other EU regulator has issued
any guidance specific to securities such as CLOs, the CBI
has indicated that an issuer should treat information as
"inside information if a reasonable investor would use such
information to make investment decisions relating to the
relevant CLO notes or related derivative financial instruments
to maximise his economic self-interest." In the context of
a CLO, we expect the occurrence of events leading to the
existence of "inside information" to be relatively rare.
The CLOser | February 2017
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Who is named in the Insider List? – At a minimum, we
expect the Insider List to include the names of the manager
personnel with day-to-day responsibility for the CLO, the
directors of the CLO issuer and the lawyers routinely advising
the CLO issuer and the manager. However, any person
performing work for the CLO issuer who has access to inside
information should be included in the Insider List.
What about an alternative listing? - Given the initial drivers for listing CLOs on the ISE, we do not believe a listing on a non-EU exchange would necessarily provide the same liquidity or market benefits. A listing on a recognised non-EU exchange is usually obtained to take advantage of the Quoted Eurobond Exemption, which permits interest payments from an EU issuer to be paid without the imposition of withholding tax. This exemption has no applicability or benefit to a Cayman Islands CLO issuer. For this reason, and the reasons outlined above, a listing on a non-EU exchange should not be viewed as a like-for-like alternative to a listing on the ISE.
The Maples group has developed a set of policies and
procedures to assist our clients in ensuring compliance with
the requirements. For details of how we can assist, and for a
checklist of actions to take, please contact:
Scott Macdonald
+1 345 814 5317
Stephen McLoughlin
+353 1 619 2736
The CLOser | February 2017
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The Widening Use of UK SPVs
The UK has one of the deepest capital markets globally covering all manner of products, giving investors a varied universe in which
to invest. For many years this has included its specialist securitisation regime, which has seen UK SPVs used in structures to
securitise a variety of UK assets. Typical portfolios consist of residential mortgages, trade receivables, auto loans, credit cards or
personal loans, aircraft leasing or commercial real estate. A current development in the UK market that we are watching closely is
the development of a new legal, regulatory and tax framework for Insurance Linked Securities ("ILS"), which if successful will see
another product available to investors in the London market.
The UK's HM Treasury, the Prudential Regulation Authority and the Financial Conduct Authority have published separate
consultation papers in the past 12 months, with a view to developing an onshore ILS centre in London that may help expand the
ILS market globally by broadening the potential investor base and usage of ILS structures. An implementation date in the first half
of 2017 is being targeted for the proposed legislation.
Maples Fiduciary is engaging in the current consultation and ultimately expects protected cell companies (PCCs) and insurance
SPVs (ISPVs) to be administered in a similar manner to products administered in Bermuda, the Cayman Islands and the Channel
Islands if the product is to be a success.
Maples Fiduciary has an experienced team in London, whose backgrounds are diverse and include experience working with all
manner of UK SPV structures over the past 15 years. We provide UK resident directors, registered office, company secretarial
support and accounting services to a range of securitisation and asset finance vehicles and are looking forward to extending this
to the UK ILS space.
Please contact us for more information about the services we provide and how we can help you with your UK requirements. As
always, our aim is to provide the support that you need so that you can focus on the transactions themselves, knowing that you
have a trusted partner alongside who is attending to your UK SPV, corporate administration and regulatory requirements.
Sam Ellis
+44 20 7466 1645
Charles Leahy
+44 20 7466 1637
The CLOser | February 2017
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Maples Fiduciary: Enhanced Options for Distressed and Illiquid Assets on Wind Down
Since the credit crisis, investment/collateral managers have been challenged by the disposition of assets that are effectively
valued as worthless and/or are illiquid. Especially in CLO 1.0 transactions, the documentation is less flexible and remedies or
options, such as sale of assets to existing investors or even abandonment of worthless assets, is not available. This issue becomes
particularly significant at the end of a transaction as it can prevent an orderly wind down and voluntary liquidation of SPVs and
fund structures.
Given the administrative and cost issues this creates, Maples Fiduciary established an entity called FLP Investments Ltd.
some time ago to take worthless and illiquid assets (subject to certain criteria being met and minimal fees being paid, transfer
documentation being executed and basic terms and conditions being agreed for the sale).
Whilst this solution has proved popular and been utilised regularly, historically its use has been limited to securities that were held
in definitive registered form. However, Maples Fiduciary is now pleased to announce it has established a custodial account with an
industry partner to offer a solution for assets that are also held in global form.
The ability to take such assets, even when held in global form, together with our easy-to-use precedent documentation and our
bespoke approach to dealing with tricky issues, such as residual claims, provides managers and other parties with a significantly
enhanced solution to deal with illiquid and worthless assets where deals need to unwind and/or terminate.
Should this be of interest or if you require further details, please contact:
Carrie Bunton
+1 345 814 5819
Lesley Thompson
+1 345 814 5814
The CLOser | February 2017
11
Risk Retention Survey
Following widespread interest in the results of the first risk
retention survey conducted by Maples Fiduciary in February
2016, we engaged with our US CLO manager clients again in
November 2016 to provide an update on manager strategies
and preparedness for risk retention.
We were interested to learn whether manager strategies
had shifted at all during the year and, in particular, in
relation to preferred risk retention structures, sources of
third party financing and preferred method of retention. The
results clearly demonstrated a significant increase in overall
preparedness and a refinement of implemented or planned
strategies ahead of the impending year-end deadline. Data
collected from over 60% of active US CLO managers showed:
• 89% of US managers have risk retention structures in
place or imminent, a 16% increase from earlier in 2016;
• 71% of managers prefer the capitalised majority-owned
affiliate ("C-MOA") or majority-owned affiliate ("MOA")
risk retention structure, up from 55% earlier in 2016; and
• managers planning to use a capitalised manager vehicle
("CMV") decreased from 25% in February 2016 to 20% by
year end.
In addition, we noted a shift in the preferred structure towards
MOA/C-MOAs with a slight departure from the CMV structure,
together with a clear preference for taking a horizontal
retention slice.
The results, which can be accessed by clicking here3, were
distributed at the Opal CLO Summit in December 2016 and
have been published in a number of industry trade periodicals
and magazines, including LCD/CLO Weekly, Creditflux and
Structured Credit Investor.
Maples Fiduciary: Risk Retention Part II Highlights, Refinancings and Tax Administration
Refinancings
As anticipated, Maples Fiduciary saw a significant increase in
refinancing and reset activity during November and December
prior to the 24 December 2016 risk retention effective date.
Indeed, the Maples group acted on over 65% of the 2016
refinancings in the US CLO market.
At the time of writing, we continue to see an enormous volume
of refinancing and reset activity of 2014 vintage CLOs as
majority equity investors look to take advantage of tightening
spreads. These refinancings are consistent with the terms
and conditions described in Crescent Capital Group LP's
SEC Staff No-Action Letter dated 17 July 2015, which allows
for refinancing to be completed post the December 2016
deadline with the comfort that the SEC will not recommend
enforcement of the risk retention rules if the refinancing is
undertaken within the limited circumstances set out in the
Crescent No-Action Letter.
Andrew Dean
+1 345 814 5710
David Hogan
+1 345 814 5702
3 https://www.maplesfiduciaryservices.com/industry-insight/article/maples-fiduciary-risk-retention-survey-part-ii-1144/
The CLOser | February 2017
12
Tax Administration
There is no doubt that the various regulatory changes we have seen in recent years have created a heightened administrative
environment for SPV issuers and their investment managers. For example, the implementation of the Dodd Frank Act brought with
it significant changes to all IRS international tax forms such as the W-8BEN-E and W-8IMY. What was once a relatively simple one
page certification is now an eight page document with the inclusion of very important FATCA classification representations.
With increasing scrutiny on SPVs transacting with the US, we have seen our clients applying more frequently to the IRS for an EIN
to support additional reporting requirements imposed on managers.
With that in mind, we thought it might be timely to remind clients that, whilst we don't provide tax advisory services, we do offer
seamless and efficient tax administration services in several areas. In addition to our IRS international tax form preparation
service, we are also able to provide EIN application services for a small fixed fee. For non-US vehicles, applicants are required to
have direct contact with the IRS by telephone which can be time consuming and inefficient. Our trained and experienced staff can
take the stress out of this process at both the issuer and co-issuer level by:
• setting up template IRS Form SS4 documents for both corporations and partnerships;
• providing a Third Party Designee to transact with the IRS on behalf of the company; and
• targeting the return of fully completed IRS and SS4 forms, including the EIN, to our clients within a time frame of 24 to 36
hours after receiving the request.
Should any of the foregoing services be of interest or you would like further information, please contact:
Jarladth Travers
+1 345 814 5831
The CLOser | February 2017
13
Your Global CLO Team – A CLOser Look
We are including a short and informative bio for two members of our global CLO team so you can get to know the team a little
better. In this edition, we introduce you to Stephen McLoughlin from Maples and Calder in Dublin and David Hogan from Maples
Fiduciary in the Cayman Islands.
I am a partner in the structured finance practice in the Dublin
office and I advise on the Irish legal issues for European CLO
transactions.
I began my legal career as an apprentice (we didn't have
trainees back then) in Binchys Solicitors in Dublin, which
coincidently was subsequently the footprint for the
establishment of Maples and Calder in Dublin. I then spent
three years practising as a corporate lawyer (for my sins!) in a
mid-level Irish law firm, followed by five years in the structured
finance department of a leading Irish law firm before joining
Maples and Calder in 2012.
I grew up in Belfast but moved to Dublin to study in Trinity
College Dublin. Notwithstanding a dark sense of humour and
almost impenetrable Northern Irish accent I have found myself
still living in Dublin over 20 years later.
When not up to my elbows in opinions, minutes, risk retention
memos and the like, most of my remaining waking time is
+353 1 619 2736
spent trying to keep up with my three children, aged seven
and three (yes, the younger two are twins). Most weekends
are a whirlwind of football and rugby training, swimming
lessons and birthday parties. Disney cartoons and mood
swings from hysterical laughter to full blown tantrums (the
latter are, more often than not, mine!) are presided over by my
endlessly patient wife.
I am a diehard Liverpool FC fan (whose claim to fame was
a starring, albeit fleeting, role in the 2005 Champions
League Final in Istanbul). Given I have recently transitioned
into my forties, the mid-life crisis is in full swing – in this
instance rather than a motorbike or little red sports car (the
aforementioned patient wife vetoed both) I instead took up
participating in triathlons, completing my first three "sprint"
triathlons in 2016 with the intention of taking on a number of
Olympic distance events in 2017 – local cardiac care units will
be on standby!
Stephen McLoughlin Partner – Maples and Calder
The CLOser | February 2017
14
+1 345 814 5702
David Hogan Vice President – Maples Fiduciary
I work in the Cayman Islands office of Maples Fiduciary in the
structured finance team, where I have served as a director to a
portfolio of US CLOs and other structured finance transactions
since joining in 2013.
My undergraduate years were spent at University College
Dublin where I obtained an honours business and law
degree. I commenced my professional career in the funds
industry before spending six years with ABN Amro Bank NV
in corporate treasury, where I also trained as a chartered
certified accountant. I then served six years as Chief Financial
Officer and Head of Investments for a boutique investment
company, naturally enjoying pre-crisis success and enduring
post crisis "work outs". Prior to joining Maples Fiduciary
I held a Senior Business Analyst position with the Irish
Banking Resolution Corporation during the orderly sale of its
commercial loan book.
Although lovers of the Irish "joie de vivre", my wife and I often
discussed relocating to a sunnier destination, so when the
opportunity arose to work in the Cayman Islands we grabbed
it. Almost four years later and now, with three kids under six
years of age, a happy wife and a Volvo!, the island has quickly
become our home. With beautiful beaches and a positive work
life balance to enjoy, the island has so much to offer us both
professionally and as parents to a growing family (in age rather
than volume!).
Like many, I'm a keen sports enthusiast but my colleagues
may not know I played badminton competitively for over
15 years, representing Ireland many times and have held a
European ranking in singles, a World ranking in men's doubles,
lost narrowly to an Olympic medallist (twice!) and hold an Irish
record as being the only husband-wife paring to win an Irish
Senior National title! However, my proudest sporting moment
must be beating a World Champion in 1993, albeit off-court in
a keg stand challenge!
Together with my colleagues, I worked on our risk retention
surveys in 2016 and felt the level of interaction our US CLO
managers afforded us during a very busy period was really
exceptional. When I am not working on structured finance
transactions and related initiatives, I focus my efforts on our
asset finance offering, where I serve on the boards of aircraft
leasing vehicles and aviation platforms.
Some of my goals for 2017 include taking an RV road trip with
the family, beating Scott Macdonald at squash and seeing U2
in Miami this June!
The CLOser | February 2017
15
Forthcoming Events
Members of the Maples Global CLO Team will be attending the following industry events during H1 2017:
SFIG Vegas 2017
26 February – 1 March 2017
Aria Resort
Las Vegas, NV
Creditflux Credit Symposium & Manager Awards
3 May 2017
The Landmark Hotel
London, UK
The 6th Annual Investors' Conference on CLOs & Leveraged Loans
24-25 May 2017
Conrad New York
New York, NY
Global ABS 2017
6-8 June 2017
Centre Convencions Internacional Barcelona
Barcelona, Spain
The CLOser | February 2017
16
Our CLO team comprises 26 specialist CLO lawyers and 48 specialist
CLO fiduciary professionals based in the Cayman Islands, Delaware,
Dublin, London and the Netherlands.
Throughout our considerable longevity in this space, we have provided our clients with the benefit of our unparalleled depth of
knowledge, experience and insight into what we see across the whole structured finance market, from the latest warehousing
structures, to the latest regulatory developments and how they impact CLOs, to ongoing post-closing CLO issues.
For further information, please speak with your usual Maples and Calder or Maples Fiduciary contact, or the following primary CLO
contacts:
Cayman Islands
Alasdair Robertson
+1 345 814 5345
Mark Matthews
+1 345 814 5314
Scott Macdonald
+1 345 814 5317
Nicola Bashforth
+1 345 814 5213
John Dykstra
+1 345 814 5530
Tina Meigh
+1 345 814 5242
Jonathon Meloy
+1 345 814 5412
Dublin
Nollaig Murphy
+353 1 619 2079
Stephen McLoughlin
+353 1 619 2736
Hong Kong
Stacey Overholt
+852 3690 7441
London
Jonathan Caulton
+44 20 7466 1612
Singapore
Michael Gagie
+65 6922 8402
Cayman Islands
Guy Major
+1 345 814 5818
Delaware
James Lawler
+1 302 340 9985
Dublin
Stephen O’Donnell
+353 1 697 3244
London
Sam Ellis
+44 20 7466 1645
Netherlands
Jan Hendrik Siemssen
+31 20 808 1081
Maples and Calder Maples Fiduciary
Feb 2017
© MAPLES AND CALDER
This update is intended to provide only general information for clients and professional contacts of Maples and Calder
and MaplesFS. It does not purport to be comprehensive or to render legal advice.
17
Appendix 1 | US CLOs Priced H2 2016
CLO Pricing Q4
Pricing Date Issuer Arranger Manager
21/12/16 CIFC Funding 2014-IV (refinancing) Mizuho CIFC Asset Management
19/12/16 GSAM-Senior Credit Fund SPV I Natixis Senior Credit Fund LLC
20/12/16 Catamaran CLO 2012-1 (refinancing) Credit Suisse Trimaran Advisors
16/12/16 Ares XXXIII CLO (refinancing) Nomura Ares CLO Management
16/12/16 Shackleton 2015-VII CLO (refinancing) Credit Suisse Alcentra
14/12/16 Palmer Square CLO 2014-1 (refinancing) J.P. Morgan Palmer Square Capital Management
14/12/16 Madison Park Funding XVI (refinancing) Deutsche Bank Credit Suisse Asset Management
14/12/16 Regatta II Funding (refinancing) Goldman Sachs Napier Park
14/12/16 Venture XIX CLO (refinancing) Jefferies MJX Asset Management
13/12/16 LCM XIII (refinancing) Deutsche Bank LCM Asset Management
13/12/16 KVK 2016-1 Goldman Sachs Kramer Van Kirk Credit Strategies
13/12/16 Taconic Park CLO Citigroup GSO/Blackstone Debt Funds Management
13/12/16 Longfellow Place CLO (refinancing) Morgan Stanley NewStar Financial
12/12/16 BlueMountain CLO 2015-1 (refinancing) J.P. Morgan BlueMountain Capital Management
12/12/16 Pinnacle Park CLO (refinancing) Bank of America GSO/Blackstone Debt Funds Management
09/12/16 OHA Credit Partners VII (refinancing) Citigroup Oak Hill Advisors
09/12/16 CIFC Funding 2016-I BNP Paribas CIFC Asset Management
09/12/16 Cerberus Loan Funding XVII Wells Fargo Cerberus Capital Management
09/12/16 ABPCI CLO Natixis AB Private Credit Investors
09/12/16 Benefit Street Partners CLO IV (refinancing)Deutsche Bank Benefit Street Partners (Providence)
08/12/16 Oaktree EIF III Series I Wells Fargo Oaktree Capital Management
08/12/16 Eaton Vance CLO 2013-1 (refinancing) Credit Suisse Eaton Vance Management
08/12/16 OZLM Funding III (refinancing) Citigroup Och-Ziff Loan Management
08/12/16 Treman Park CLO (refinancing) Goldman Sachs GSO/Blackstone Debt Funds Management
07/12/16 Dryden 36 Senior Loan Fund (refinancing) Goldman Sachs Prudential Investment Management
07/12/16 Vibrant CLO V BNP Paribas DFG Investment Advisers
06/12/16 Octagon Invstment Partners 29 Credit Suisse Octagon Credit Investors
06/12/16 ALM VII(R) (refinancing) Greensledge Capital Markets Apollo Credit Management
06/12/16 BlueMountain CLO 2013-1 (refinancing) Citigroup BlueMountain Capital Management
05/12/16 MidOcean Credit CLO I (refinancing) Citigroup MidOcean Credit Fund Management
02/12/16 AMMC CLO 15 (refinancing) Mizuho American Money Management
02/12/16 TCI-Cent CLO 2016-1 Citigroup TCI Capital Management
02/12/16 FCO VII CLO Natixis Fortress Investment Group
02/12/16 Maranon Loan Funding 2016-1 Citigroup Maranon Capital
01/12/16 Catamaran CLO 2016-1 Credit Suisse Trimaran Advisors
01/12/16 Riserva CLO Credit Suisse Invesco Senior Secured Management
01/12/16 Carlyle Global Market Credit Suisse Carlyle Investment Management
Strategies CLO 2014-1 (refinancing)
01/12/16 HPS Loan Management 10-2016 Citigroup Highbridge Principal Strategies
30/11/16 CIFC Funding 2015-1 (refinancing) Nomura CIFC Asset Management
30/11/16 LCM XXIII GreensLedge Capital Markets LCM Asset Management
30/11/16 Allegro CLO IV Goldman Sachs AXA Investment Managers
30/11/16 Bain Capital Credit 2016-2 MUFJ Bain Capital Credit
29/11/16 Jamestown CLO I (refinancing) Citigroup 3i Debt Management
29/11/16 OHA Loan Funding 2015-1 (refinancing) J.P. Morgan Oak Hill Advisors
29/11/16 Ares XLI BNP Paribas Ares CLO Management
28/11/16 OHA Credit Partners XIII GreensLedge Capital Markets Oak Hill Advisors
22/11/16 ELM CLO 2014-1 (refinancing) Citigroup Mariner Investment Group
22/11/16 West CLO 2012-1 (refinancing) Nomura Allianz Global Investors
22/11/16 OCP CLO 2012-2 (refinancing) Natixis Onex Credit Partners
21/11/16 OHA Loan Funding 2012-1 (refinancing) GreensLedge Capital Markets Oak Hill Advisors
22/11/16 OZLM XV CLO Bank of America Och-Ziff Loan Management
18
Appendix 1 | US CLOs Priced H2 2016
Pricing Date Issuer Arranger Manager
22/11/16 Brightwood Capital Fund III 2016-2 Natixis Brightwood Capital Advisors
22/11/16 Madison Park Funding XXIV J.P. Morgan Credit Suisse Asset Management
22/11/16 TCP Waterman CLO Natixis Tennenbaum Capital Partners
22/11/16 KKR CLO 16 Citigroup KKR Financial Advisors
18/11/16 Benefit Street Partners CLO X Deutsche Bank Benefit Street Partners (Providence)
17/11/16 Betony CLO (refinancing) Credit Suisse Invesco Senior Secured Management
17/11/16 Apidos CLO XX (refinancing) Morgan Stanley CVC Credit Partners
17/11/16 Catamaran CLO 2014-2 (refinancing) Bank of America Trimaran Advisors
17/11/16 Magnetite XII (refinancing) Deutsche Bank BlackRock Financial Management
17/11/16 Voya CLO 2016-4 Morgan Stanley Voya Alternative Asset Management
17/11/16 Venture XXV CLO Jefferies MJX Asset Management
16/11/16 Symphony CLO XVIII BNP Paribas Symphony Asset Management
15/11/16 Arrowpoint CLO 2013-1 (refinancing) Goldman Sachs Arrowpoint Asset Management
10/11/16 Apidos CLO XI (refinancing) J.P. Morgan CVC Credit Partners
09/11/16 Palmer Square Loan Funding 2016-3 J.P. Morgan Palmer Square Capital Management
09/11/16 ALM VII(R)-2 (refinancing) J.P. Morgan Apollo Credit Management
09/11/16 Apidos CLO XVII (refinancing) Bank of America CVC Credit Partners
09/11/16 BlueMountain CLO 2014-4 (refinancing) J.P. Morgan BlueMountain Capital Management
08/11/16 Anchorage Capital CLO 9 J.P. Morgan Anchorage Capital Group
08/11/16 MidOcean Credit CLO VI Jefferies MidOcean Credit Fund Management
08/11/16 Dryden 33 Senior Loan Fund (refinancing) Goldman Sachs Prudential Investment Management
08/11/16 Neuberger Berman CLO XVII (refinancing) Barclays Capital Neuberger Berman
08/11/16 GoldenTree Loan Opportunities Greensledge Capital GoldenTree Asset Management
Fund XI (refinancing) Markets/PNC Capital Markets
07/11/16 MountainView 2016-1 Credit Suisse Seix Investment Advisors
07/11/16 Race Point VII CLO (refinancing) Nomura Bain Capital Credit
07/11/16 Galaxy XIV (refinancing) Morgan Stanley PineBridge Investments
07/11/16 Saratoga 2013-1 (refinancing) Mizuho Saratoga Investment Corp
07/11/16 Octagon XXI (refinancing) Nomura Octagon Credit Investors
04/11/16 BlueMountain CLO 2012-2 (refinancing) Citigroup BlueMountain Capital Management
03/11/16 York CLO 4 Morgan Stanley York CLO Managed Holdings
02/11/16 Tralee CLO III (refinancing) Deutsche Bank Par-Four Investment Management
01/11/16 Golub Capital CLO Partners 33 GreensLedge GC Investment Management
Capital Markets/Natixis
01/11/16 Bristol Park CLO BNP Paribas GSO/Blackstone Debt Funds Management
01/11/16 Cent 22 CLO (refinancing) J.P. Morgan Columbia Management Investment Advisers
31/10/16 OHA Loan Funding 2016-1 Morgan Stanley Oak Hill Advisors
31/10/16 Voya CLO 2014-1 (refinancing) Mizuho Voya Alternative Asset Management
31/10/16 Atlas VII CLO Morgan Stanley Crescent Capital Group
28/10/16 Barings CLO 2016-III Citigroup Babson Capital Management
28/10/16 Salem Fields CLO Citigroup/MUFG Guggenheim Partners Investment Management
Securities Americas
28/10/16 Battalion CLO X Citigroup Brigade Capital Management
28/10/16 Cerberus Loan Funding XVI Natixis Cerberus Capital Management
27/10/16 LCM XVII CLO (refinancing) Bank of America LCM Asset Management
27/10/16 Carlyle US CLO 2016-4 Citigroup Carlyle Investment Management
26/10/16 TICP CLO VI 2016-2 Bank of America TPG Institutional Credit Partners
25/10/16 Neuberger Berman CLO XXIII Bank of America Neuberger Berman
25/10/16 Shackleton I CLO (refinancing) Natixis Alcentra
21/10/16 Madison Park Funding X (refinancing) Morgan Stanley Credit Suisse Asset Management
20/10/16 Sound Point CLO XIV Credit Suisse Sound Point Capital Management
19/10/16 NewStar Berekely Fund CLO Citigroup NewStar Financial
18/10/16 CIFC Funding 2012-III (refinancing) BNP Paribas CIFC Asset Management
17/10/16 BNPP IP CLO 2014-II (refinancing) BNP Paribas BNP Paribas Asset Management
17/10/16 AMMC CLO XI (refinancing) Citigroup American Money Management
Appendix 1 | US CLOs Priced H2 2016
19
Pricing Date Issuer Arranger Manager
14/10/16 Carlyle Global Market Strategies Morgan Stanley Carlyle Investment Management
2012-4 (refinancing)
14/10/16 Shackleton 2016-IX CLO Morgan Stanley Alcentra
13/10/16 Cedar Funding 6 Jefferies Aegon USA Investment Management
12/10/16 Lockwood Grove CLO (refinancing) Jefferies Tall Tree Investment Management
07/10/16 Burnham Park CLO Wells Fargo GSO/Blackstone Debt Funds Management
07/10/16 Galaxy XVII CLO (refinancing) Mizuho PineBridge Investments
07/10/16 AMMC CLO 19 MUFJ American Money Management
07/10/16 Atlas Senior Loan Fund V (refinancing) Barclays Capital Crescent Capital Group
07/10/16 CIFC Funding 2014-V (refinancing) Morgan Stanley CIFC Asset Management
07/10/16 Goldentree Loan Opportunities IX Citigroup GoldenTree Asset Management
(refinancing)
06/10/16 BlueMountain 2016-3 Barclays Capital BlueMountain Capital Management
06/10/16 Anchorage Capital CLO 2014-3 J.P. Morgan Anchorage Capital Group
(refinancing)
06/10/16 Atrium VIII CLO (refinancing) Credit Suisse Credit Suisse Asset Management
06/10/16 OZLM Funding II (refinancing) Bank of America Och-Ziff Loan Management
06/10/16 Venture XV CLO (refinancing) Jefferies MJX Asset Management
06/10/16 Venture X CLO (refinancing) Jefferies MJX Asset Management
05/10/16 Dryden XXV Senior Loan Fund (refinancing) Morgan Stanley Prudential Investment Management
04/10/16 Cathedral Lake 2013 (refinancing) Goldman Sachs Carlson Capital
04/10/16 Shackleton II CLO (refinancing) Natixis Alcentra
02/10/16 Apidos CLO XXV Bank of America CVC Credit Partners
CLO Pricing Q3
Pricing Date Issuer Arranger Manager
29/09/16 Flatiron CLO 2012-1 (refinancing) Morgan Stanley New York Life Investment Management
29/09/16 Magnetite XVIII Goldman Sachs BlackRock Financial Management
28/09/16 Wellfleet 2016-2 Citigroup Wellfleet Credit Partners
28/09/16 Voya 2016-3 Credit Suisse Voya Alternative Asset Management
28/09/16 Wind River CLO 2012-1 (refinancing) MUFJ THL Credit Advisors
27/09/16 Canyon Capital CLO 2012-1 (refinancing) J.P. Morgan Canyon Capital
27/09/16 Wind River 2016-2 Morgan Stanley THL Credit Advisors
26/09/16 Cathedral Lake IV Jefferies Carlson Capital
26/09/16 Finn Square CLO (refinancing) J.P. Morgan GSO/Blackstone Debt Funds Management
23/09/16 Anchorage Capital CLO 2012-1 J.P. Morgan Anchorage Capital Group
(refinancing)
23/09/16 Zais CLO 5 J.P. Morgan Zais Leveraged Loan Manager
16/09/16 Regatta VII BNP Paribas Regatta Loan Management
16/09/16 OCP 2016-12 Bank of America Onex Credit Partners
15/09/16 Garrison Funding 2016-2 Natixis Garrison Capital
15/09/16 Madison Park XXII Wells Fargo Credit Suisse Asset Management
15/09/16 LCM XXII Natixis LCM Asset Management
15/09/16 Garrison Funding 2016-2 Natixis Garrison Capital
15/09/16 Madison Park XXII Wells Fargo Credit Suisse Asset Management
14/09/16 Magnetite VII (refinancing) Citigroup BlackRock Financial Management
13/09/16 ALM VII (refinancing) Citigroup Apollo Credit Management
13/09/16 Ares XL Goldman Sachs Ares CLO Management
08/09/16 Octagon 28 (refinancing) Morgan Stanley Octagon Credit Investors
20
Appendix 1 | US CLOs Priced H2 2016
Pricing Date Issuer Arranger Manager
08/09/16 TCI-Symphony CLO 2016-1 (refinancing) Bank of America TCI Capital Management
07/09/16 Garrison Funding 2016-1 Deutsche Bank Garrison Capital
02/09/16 Crestline Denali CLO XIV BNP Paribas Crestline Denali Capital
30/08/16 Ares XXV CLO (refinancing) Nomura Ares CLO Management
30/08/16 Voya CLO 2012-4 (refinancing) Citigroup Voya Alternative Asset Management
25/08/16 Atlas Senior Loan Fund II (refinancing) Morgan Stanley Crescent Capital Group
25/08/16 TIAA Churchill Middle Market CLO I Wells Fargo TIAA-CREF Alternative Advisors
25/08/16 Neuberger Berman CLO XXII Bank of America Neuberger Berman
23/08/16 Arch Street CLO Credit Suisse NewStar Financial
23/08/16 Jay Park CLO Citigroup GSO/Blackstone Debt Funds Management
23/08/16 Dryden 45 Senior Loan Fund Wells Fargo Prudential Investment Management
19/08/16 Trinitas V CLO Morgan Stanley Trinitas Capital Management
18/08/16 Carlyle Global Market Strategies Citigroup Carlyle Investment Management
CLO 2012-3 (refinancing)
16/08/16 Ballyrock 2016-1 Goldman Sachs Ballyrock Investment Advisors
11/08/16 Venture XXIV Jefferies MJX Asset Management
11/08/16 Cerberus Loan Funding XV Natixis Cerberus Capital Management
11/08/16 Jamestown CLO IX Citigroup 3i Debt Management
10/08/16 KKR 15 Credit Suisse KKR Financial Advisors
09/08/16 CGMS CLO 2016-3 Citigroup Carlyle Investment Management
08/08/16 Canyon Capital CLO 2016-2 J.P. Morgan Canyon Capital
04/08/16 Atlas Senior Loan Fund I (refinancing) Morgan Stanley Crescent Capital Group
29/07/16 Babson 2016-II Morgan Stanley Babson Capital Management
27/07/16 Ares Enhanced Loan Investment Citigroup Ares CLO Management
Strategy IR (refinancing)
26/07/16 PAIA 2016-1 CLO J.P. Morgan Guardian Life
26/07/16 ICG US CLO 2016-1 Citigroup Intermediate Capital Group Debt Advisors
25/07/16 Park Avenue Institutional Advisers J.P. Morgan Park Avenue Institutional Advisers
CLO 2016-1
22/07/16 Golub Capital Investment Corp CLO 2016 Wells Fargo GC Investment Management
22/07/16 Apidos CLO XXIV Bank of America CVC Credit Partners
22/07/16 Anchorage Credit Funding 3 Greensledge Capital Markets Anchorage Capital Group
/Natixis
21/07/16 CIFC Funding 2012-1 (refinancing) Royal Bank of Canada CIFC Asset Management
21/07/16 BlueMountain CLO 2016-2 Citigroup BlueMountain Capital Management
15/07/16 Madison Park XXI Citigroup Credit Suisse Asset Management
15/07/16 Dryden 43 Senior Loan Fund Deutsche Bank Prudential Investment Management
15/07/16 KKR Financial CLO 2013-2 (refinancing) Mizuho KKR Financial Advisors
14/07/16 Sound Point CLO XII Credit Suisse Sound Point Capital Management
12/07/16 Annisa CLO Barclays Capital Invesco RR Fund
08/07/16 Neuberger Berman CLO XVI (refinancing) Bank of America Neuberger Berman
08/07/16 JFIN 2016-1 Jefferies Apex Credit Partners
05/07/16 Carlyle Global Market Strategies Citigroup Carlyle Investment Management
2014-3 (refinancing)
05/07/16 Carlyle Global Market Strategies Mizuho Carlyle Investment Management
2013-4 (refinancing)
01/07/16 Monroe Capital MML 2016-1 BNP Paribas Monroe Capital Management
21
Appendix 2 | European CLOs Priced H2 2016
Pricing Date Issuer Arranger Manager
16/12/16 Jubilee CLO 2014-XII (refinancing) Morgan Stanley Alcentra
15/12/16 Cairn CLO VII Barclays Capital Cairn Capital
14/12/16 Carlyle Global Market Strategies Credit Suisse CELF Advisors (Carlyle)
Euro CLO 2014-1 (refinancing)
14/12/16 Euro-Galaxy III CLO (refinancing) J.P. Morgan PineBridge
12/12/16 St Paul’s CLO IV (refinancing) Deutsche Bank Intermediate Capital Group
12/12/16 St Paul’s CLO III (refinancing) Deutsche Bank Intermediate Capital Group
05/12/16 Avoca CLO X (refinancing) Credit Suisse KKR Credit Advisors
02/12/16 Dryden 48 Euro CLO BNP Paribas Prudential Investment Management
02/12/16 ALME Loan Funding VI J.P. Morgan Apollo Credit Management
02/12/16 CVC Cordatus Loan Fund VIII Citigroup CVC Credit Partners
02/12/16 Oak Hill European Credit Partners V DAC Goldman Sachs Oak Hill Advisors
21/11/16 Arbour CLO (refinancing) Morgan Stanley Oaktree Capital Management
18/11/16 Halcyon Loan Advisors Citigroup Halcyon Loan Advisors
European Funding 2016
17/11/16 Ares European CLO VIII Goldman Sachs Ares Management
09/11/16 Cadogan Square VIII Barclays Capital Credit Suisse Asset Management
08/11/16 Dryden XXVII Euro CLO 2013 (refinancing) Citigroup Pramerica Investment Management
04/11/16 GLG EURO CLO II DAC Morgan Stanley GLG Partners
03/11/16 OZLME B.V. Bank of America Och-Ziff Loan Management
27/10/16 Blackrock European CLO II Citigroup BlackRock Investment Management
20/10/16 CGMS Euro CLO 2016-2 DAC Bank of America CELF Advisors (Carlyle)
14/10/16 Avoca CLO XVII Morgan Stanley KKR Credit Advisors
13/10/16 Tikehau CLO II Citigroup Tikehau Capital Europe Limited
30/09/16 Arbour CLO IV Barclays Capital Oaktree Capital Management
30/09/16 Clarinda Park CLO Citigroup GSO/Blackstone Debt Funds Management
29/09/16 Euro Galaxy V J.P. Morgan PineBridge
16/09/16 Dryden 46 Euro CLO Barclays Capital Pramerica Investment Management
12/08/16 Toro European CLO 2 Citigroup Chenavari Credit Partners
28/07/16 Griffith Park CLO Barclays Capital GSO/Blackstone Debt Funds Management
21/07/16 Harvest XVI CLO Credit Suisse 3i Debt Management Investments
20/07/16 Adagio V CLO J.P. Morgan AXA Investment Managers
18/07/16 Jubilee CLO 2016-XVII Morgan Stanley Alcentra
08/07/16 CVC Cordatus Loan Fund VII Citigroup CVC Credit Partners
05/07/16 Accunia European CLO I Deutsche Bank Accunia Credit Management
13/06/16 Laurelin 2016-1 Credit Suisse GoldenTree Asset Management
09/06/16 Cairn CLO VI Barclays Capital Cairn Loan Investment
07/06/16 Babson Euro CLO 2016-1 J.P. Morgan Babson Capital Management
03/06/16 Avoca XVI BNP Paribas KKR Credit Advisors
20/05/16 St.Paul’s CLO VI Citigroup Intermediate Capital Group
20/05/16 Aurium CLO II Credit Suisse Spire Partners
13/05/16 ALME Loan Funding V Barclays Capital Apollo Credit Management
29/04/16 Dryden 44 Euro CLO J.P. Morgan Pramerica Investment Management
27/04/16 ELM Park Deutsche Bank GSO/Blackstone Debt Funds Management
12/04/16 Cadogan Square CLO VII Morgan Stanley Credit Suisse Asset Management
08/04/16 CGMS Euro CLO 2016-1 Citigroup CELF Advisors (Carlyle)
30/03/16 Harvest CLO XV RBC Capital Markets 3i Debt Management Investments
23/03/16 Contego CLO III Deutsche Bank Rothschild Credit Management Europe
23/03/16 Bosphorus CLO II Stifel, Nicolaus & Company Commerzbank Debt Fund Management
22/03/16 BlueMountain EUR CLO 2016-1 J.P. Morgan BlueMountain Capital Management
17/03/16 CVC Cordatus Loan Fund VI Credit Suisse CVC Credit Partners
09/02/16 Blackrock European CLO I Credit Suisse BlackRock Investment Management
15/01/16 Arbour CLO III Citigroup Oaktree Capital Management
DATA IN THESE APPENDICES IS DERIVED FROM THE SCI AND LCD DATABASES OF PRICED CLOs.
