CLO Activity Hits Record in Europe on Deluge of Refi Deals
- Over 12 billion euros of paper has priced so far this year
- Heavy volume of deals made up of new issue, refis and resets
This article is for subscribers only.
A rush to catch up on a year of missed refinancing activity has led to record volumes in Europe’s market for collateralized loan obligations in the first two months of the year.
Just over 12 billion euros ($14.6 billion) of new issue, refi and reset paper has priced so far this year, surpassing a previous high of 7.3 billion euros in the first two months of 2018, with refinancings driving the heightened deal flow. For comparison, the largest total supply was in 2018, when overall volumes reached 45 billion euros over the year, according to Citi research.