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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
  • Barion Funding Ltd.
  • eleX Alpha S.A.
  • GSC European CDO I-R S.A.
  • Malachite Funding Ltd.
  • Regent's Park 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...

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.
- CELF Loan Partners B.V.
- Renoir CDO 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
- Aeolus CDO Ltd.
- Panther CDO III B.V.
- Wood Street CLO I B.V.
- Dekania Europe CDO I PLC
- CELF Loan Partners II PLC
- FAXTOR ABS 2005-1 B.V.
- Boyne Valley B.V.
- Cadogan Square CLO B.V.
- Adagio II CLO PLC
- ZOO ABS II B.V.
- Avoca CLO IV PLC
- Cavendish Square Funding PLC
- BACCHUS 2006-1 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 B.V.
- Highlander Euro CDO (Cayman) Ltd.
- Theseus European CLO S.A.
- 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.
- Eurocredit CDO V PLC
- 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
- eleX Alpha S.A.
- Green Park CDO B.V.
- 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
- 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
- Mercator CLO II PLC
- Cadogan Square CLO III B.V.
- Penta CLO 1 S.A.
- PANGAEA ABS 2007-1 B.V.
- Carnuntum High Grade I Ltd.
- Avoca CLO VII PLC
- Neptuno CLO I B.V.
- RMF Euro CDO V PLC
- Jubilee CDO I-R B.V.
- Ares Euro CLO I B.V.
- Harvest CLO V PLC
- Alpstar CLO 2 PLC
- Eurocredit CDO VII 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.
- ZOO ABS 4 PLC
- Malin CLO B.V.
- Cadogan Square CLO IV 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.
- Cordatus Loan Fund II PLC
- 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
- Strawinsky I PLC
- Wood Street CLO VI B.V.
- Cairn CLO II B.V.
- Mercator CLO III Ltd.
- Grosvenor Place CLO III B.V.
- Euro-Galaxy II CLO B.V.
- Panther CDO V B.V.
- Odeon ABS 2007-1 B.V.
- Windmill CLO I Ltd.
- PDM CLO I B.V.
- Jubilee CDO VIII B.V.
- Axius European CLO S.A.
- Munda CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 PLC
- Eurocredit CDO VIII Ltd.
- Harbourmaster CLO 10 B.V.
- Ares European CLO II B.V.
- CLAVOS Euro CDO Ltd.
- Neptuno CLO II B.V.
- Barion Funding Ltd.
- Mazarin Funding Ltd.
- Malachite Funding Ltd.
- Willow No.2 (Ireland) PLC
- Aurelius Euro CDO 2008-1 Ltd.
- Phoenix Light SF Ltd.
- Chepstow Blue PLC

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