BlueMountain sets high water mark for Triple As

摘要

BlueMountain cleared its long-awaited debut euro CLO deal on Tuesday, but had to pay the widest Triple A spread seen in the European market this year. Arranger JP Morgan did not disclose discount margins for the €409.8m BlueMountain EUR CLO 2016-1 deal, which has been in the works since last year, but market sources said the €212.4m senior tranche cleared at 170bp. The levels were some 20bp wider than where CVC Credit Partners printed its euro CLO last week. The market has hovered around the 150bp mark since late last year. But market sources noted the senior levels spotted on BlueMountain were wider largely because the manager is a new entrant in the European space. "It's their first deal in the European market and that's probably why it came in wider," one investor said.