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Monumental occasion — Serone markets debut Euro CLO via BofA
Michelle D'Souza
•2 min read
Serone Capital Management is set to be the first manager to debut in Europe this year, having launched marketing for its debut European CLO named Monument CLO 1, according to 9fin
Bank of America is arranging Serone’s inaugural €405.6m deal, which will have a two-year call lock and 4.5-year reinvestment.
Serone’s CLOs are named Monument because the firm’s offices are near Monument (to the Great Fire of London), sources say.
Investors are invited to call the desk for price guidance on the CLO’s triple-A, double-A, single-A and triple-B tranches. The deal’s double-Bs are guided in the low-mid E+700bps (99 price) and the single-Bs in the high E+900bps (94 price).
Serone signalled its intention to launch a European CLO platform after hiring former Angelo Gordon PM Steve Paget last year.
The firm is also well known in the CLO investing space having an established structured products business which invests across US and European deals across the capital stack and including warehouse equity.
Seven firms debuted in European CLO management last year: Canyon, M&G, Signal, Pemberton, Arini, Sona and AB CarVal (by order of issuance).
9fin reported on several other managers looking to enter European CLO management including: Royal London Asset Management, Fortress Investment Group, DWS Group, CIC and Muzinich. Nuveen are also understood to be exploring options, sources said.
Monument CLO I
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