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Pemberton Asset Management made its long awaited debut in European CLOs yesterday (27 September), by pricing Indigo Credit Management I through JP Morgan, according to pricing terms seen by 9fin.

Last minute changes to the docs were made in the run up to pricing, as investors were keen to insert a key person clause into the documents, say two sources. 

The key person clause, which names CLO head and ex-Spire partner Rob Reynolds as one of four named officials, has now been included, according to one of the sources. 

"We would be more than happy to see key person clauses embedded in European CLOs,” said one source. Key person clauses were common before the GFC, they add, and say there’s an argument that managers should keep skin in the game not only with risk retention but with regards to key people managing CLOs.

Pemberton declined to comment.