RBC BlueBay prices 11th CLO at $400m
RBC BlueBay Asset Management has priced its 11th collateralised loan obligation (CLO) across the US and Europe at $400m (£295m).
The deal comprises a diversified pool of loans issued by US corporate borrowers, and was placed with a syndicate of large international institutional investors.
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This takes the firm’s global CLO issuance to 11 deals, with the firm’s leveraged finance and securitised credit business growing from $10bn to over $25bn in AUM in the last five years.
“Not only does today’s CLO mark an important milestone for our US and European CLO Management program, but it is also a clear reflection of how far we have come as team in building our securitised credit and CLO presence, a key component of RBC BlueBay’s fixed income offering,” said Sid Chhabra, head of securitised credit and CLO management at RBC BlueBay.
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“Looking ahead, we have four further CLOs in the pipeline that we expect to issue over the course of the next year,” he said, adding that the firm’s target is to price four to six deals per year on average across its global platform, with two to three in Europe and two to three in the US per year.
“As we have just hit eleven CLOs globally, our expectation is to double this to over twenty CLOs in the next two years.”
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