News and Analysis

Here we go a-Bain — Tight Euro CLO takes tally to three in a month

  1. Dan Alderson
2 min read

Time is running out for managers to get new CLOs over the line before the summer lull, but Bain Capital has certainly been no slouch — having priced its third deal in three separate markets and less than a month.

Bain Capital Euro CLO 2023-1, arranged by Jefferies, came on Monday at a total notional size of €365m, including €24m of equity. The €228.7m triple A piece pays just 175bps over Euribor, one of the tighter prints in the European market. That’s 20 bps inside Nassau Euro CLO III, which came last week, and 10bps inside Blackstone’s Glenbrook Park in June.

Bain Capital Euro CLO 2023-1

The European market is still too quiet to say anything emphatic about manager dispersion levels, although Bain follows the same five-year reinvestment / two-year non-call structure as Nassau. Arguably Bain has a longer track record in Europe and credit spreads have been on a stronger footing overall.Palmer Square priced triple As at 170bps on 12 June but that was a static CLO, which normally come 15-20bps tight of regular deals.

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