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European Leveraged Loans Face Funding Hiatus As CLO Vehicles' Support Wanes Aug 11

  • ID: 2127894
  • August 2011
  • Region: Europe
  • Standard & Poors
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FEATURED COMPANIES

  • ACA Euro CLO 2007-1 PLC
  • Bruckner CDO I B.V.
  • Eurocredit CDO III B.V.
  • Harvest CLO II S.A.
  • Malin CLO B.V.
  • Renoir CDO B.V.
  • MORE

Abstract
Collateralized loan obligation (CLO) transactions have been the primary source of new funding for European leveraged loans over the past decade. But as many of these loans are set to mature in the near future, will the CLO market be around to offer support in refinancing them- The evidence suggests that it won't, so in the absence of alternative funding, many corporate borrowers are left facing a potential funding gap. Over the period 2011 to 2015, €69 billion of European CLOs by par amount will have ended their reinvestment periods, while over the same period, up to €61 billion of European leveraged loans held within CLO portfolios will need to be refinanced. (Watch the related CreditMatters TV segment titled, "European...

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Research Type: Commentary
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- Barclays Bank PLC
- Clare Island B.V.
- F.A.B. CBO 2002-1 B.V.
- Leopard CLO I B.V.
- EUROMAX III MBS Ltd.
- FAXTOR ABS 2003-1 B.V.
- FAB CBO 2003-1 B.V.
- FAB UK 2004-1 Ltd.
- Leopard CLO II B.V.
- Rhodium 1 B.V.
- Jubilee CDO IV B.V.
- North Westerly CLO II B.V.
- Leveraged Finance Europe Capital III B.V.
- STARTS (Ireland) PLC
- Stanton MBS I PLC
- Avoca CLO II B.V.
- CAMBER 4 PLC
- Leopard CLO III B.V.
- FAB CBO 2005-1 B.V.
- Harvest CLO II S.A.
- GSC European CDO II S.A.
- Jubilee CDO V B.V.
- Avoca CLO III PLC
- RMF Euro CDO III PLC
- Wood Street CLO I B.V.
- Dekania Europe CDO I PLC
- CELF Loan Partners II PLC
- FAXTOR ABS 2005-1 B.V.
- Duchess V CLO B.V.
- Boyne Valley B.V.
- Cadogan Square CLO B.V.
- Wood Street CLO II B.V.
- Magi Funding I PLC
- Harvest CLO III PLC
- European Enhanced Loan Fund S.A.
- Eaton Vance CDO VII PLC
- Sheffield CDO Ltd.
- RMF Euro CDO IV PLC
- Alpstar CLO 1 PLC
- Halcyon Structured Asset Management European CLO 2006-I B.V.
- Wood Street CLO III B.V.
- Avoca CLO V PLC
- Cadogan Square CLO II B.V.
- Oak Hill European Credit Partners I PLC
- Adagio III CLO PLC
- Jubilee CDO VI B.V.
- Harvest CLO IV PLC
- BACCHUS 2006-2 PLC
- Leveraged Finance Europe Capital IV B.V.
- Harbourmaster Pro-Rata CLO 2 B.V.
- Regent's Park CDO B.V.
- Jubilee CDO VII B.V.
- Eurocredit CDO V PLC
- CELF Loan Partners III PLC
- Euro-Galaxy CLO B.V.
- Avoca CLO VI PLC
- Pallas CDO II B.V.
- House of Europe Funding V PLC
- Versailles CLO M.E. I PLC
- EUROMAX V ABS PLC
- eleX Alpha S.A.
- Green Park CDO B.V.
- Panther CDO IV B.V.
- Duchess VII CLO B.V.
- Gresham Capital CLO III B.V.
- Aquilae CLO II PLC
- Queen Street CLO I B.V.
- Wood Street CLO IV B.V.
- Mercator CLO II PLC
- Cadogan Square CLO III B.V.
- KINTYRE CLO I PLC
- Dalradian European CLO III B.V.
- Penta CLO 1 S.A.
- PANGAEA ABS 2007-1 B.V.
- Carnuntum High Grade I Ltd.
- Avoca CLO VII PLC
- RMF Euro CDO V PLC
- Harvest CLO V PLC
- Eurocredit CDO VII PLC
- ZOO ABS 4 PLC
- Dekania Europe CDO III PLC
- Queen Street CLO II B.V.
- Highlander Euro CDO III B.V.
- CELF Loan Partners IV PLC
- Ares European CLO III B.V.
- Harbourmaster CLO 9 B.V.
- Valleriite CDO I PLC
- Wood Street CLO V B.V.
- Halcyon Structured Asset Management European CLO 2007-1 B.V.
- Avoca CLO VIII Ltd.
- Dexia Secured Funding Belgium N.V.
- ACA Euro CLO 2007-1 PLC
- Ivory CDO Ltd.
- Dalradian European CLO IV B.V.
- Intermediate Finance II PLC
- Wood Street CLO VI B.V.
- Euro-Galaxy II CLO B.V.
- Panther CDO V B.V.
- Odeon ABS 2007-1 B.V.
- Jubilee CDO VIII B.V.
- Axius European CLO S.A.
- Munda CLO I B.V.
- Eurocredit CDO VIII Ltd.
- CLAVOS Euro CDO Ltd.
- Mazarin Funding Ltd.
- Malachite Funding Ltd.
- Willow No.2 (Ireland) PLC
- Aurelius Euro CDO 2008-1 Ltd.
- Chepstow Blue PLC
- Metropolis II, LLC
- North Westerly CLO I B.V.
- Leveraged Finance Europe Capital II B.V.
- Eurocredit CDO III B.V.
- Partholon CDO I PLC
- Clarenville CDO S.A.
- FAXTOR ABS 2004-1 B.V.
- Petrusse European CLO S.A.
- Bruckner CDO I B.V.
- Eurocredit CDO IV B.V.
- CELF Loan Partners B.V.
- Renoir CDO B.V.
- Aeolus CDO Ltd.
- Panther CDO III B.V.
- Adagio II CLO PLC
- ZOO ABS II B.V.
- Avoca CLO IV PLC
- Hyde Park CDO B.V.
- Cavendish Square Funding PLC
- BACCHUS 2006-1 PLC
- Gateway III - Euro CLO S.A.
- Leopard CLO IV B.V.
- Highlander Euro CDO B.V.
- Highlander Euro CDO (Cayman) Ltd.
- Theseus European CLO S.A.
- Vallauris II CLO PLC
- North Westerly CLO III B.V.
- Duchess VI CLO B.V.
- Dekania Europe CDO II PLC
- Prospero CLO II B.V.
- Egret Funding CLO I PLC
- CELF Low Levered Partners PLC
- Skellig Rock B.V.
- Lombard Street CLO I PLC
- Taberna Europe CDO I PLC
- Halcyon Structured Asset Management European CLO 2006-II B.V.
- Cordatus Loan Fund I PLC
- GSC European CDO I-R S.A.
- Eurocredit CDO VI PLC
- Neptuno CLO I B.V.
- Jubilee CDO I-R B.V.
- Ares Euro CLO I B.V.
- Alpstar CLO 2 PLC
- BACCHUS 2007-1 PLC
- Eaton Vance CDO X PLC
- EUROMAX VI ABS Ltd.
- Gateway IV - Euro CLO S.A.
- Leopard CLO V B.V.
- Malin CLO B.V.
- Cadogan Square CLO IV B.V.
- Cordatus Loan Fund II PLC
- Laurelin II B.V.
- Oak Hill European Credit Partners II PLC
- Harbourmaster Pro-Rata CLO 3 B.V.
- Taberna Europe CDO II PLC
- Contego CLO I B.V.
- Strawinsky I PLC
- Cairn CLO II B.V.
- Mercator CLO III Ltd.
- Grosvenor Place CLO III B.V.
- Windmill CLO I Ltd.
- PDM CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 PLC
- Harbourmaster CLO 10 B.V.
- Ares European CLO II B.V.
- Neptuno CLO II B.V.
- Barion Funding Ltd.
- Phoenix Light SF Ltd.

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