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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
  • Boyne Valley B.V.
  • Eurocredit CDO IV B.V.
  • Harvest CLO II S.A.
  • Mercator CLO II PLC
  • RMF Euro CDO IV PLC
  • 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...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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

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