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

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

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

FEATURED COMPANIES

  • ACA Euro CLO 2007-1 PLC
  • Cairn CLO I B.V.
  • Eurocredit CDO III B.V.
  • Harbourmaster CLO 9 B.V.
  • Mercator CLO I PLC
  • Rhodium 1 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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- Barclays Bank PLC
- Duchess I CDO S.A.
- Clare Island B.V.
- F.A.B. CBO 2002-1 B.V.
- Lafayette Sovereign CDO I Ltd.
- Jubilee CDO II B.V.
- RMF Euro CDO S.A.
- Leopard CLO I 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.
- Partholon CDO I PLC
- STERLINGMAX I MBS Ltd.
- Clarenville CDO S.A.
- Skye CLO I Ltd.
- FAB UK 2004-1 Ltd.
- Leopard CLO II B.V.
- Harvest CLO I S.A.
- FAXTOR ABS 2004-1 B.V.
- Rhodium 1 B.V.
- Petrusse European CLO S.A.
- IONA CDO I
- Duchess III CDO 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.
- Harbourmaster CLO 4 B.V.
- Adagio CLO I B.V.
- STARTS (Ireland) PLC
- Eurocredit CDO IV B.V.
- Stanton MBS I PLC
- Avoca CLO II B.V.
- Alzette European CLO S.A.
- Palmer Square PLC
- Leopard CLO III B.V.
- CELF Loan Partners B.V.
- Renoir CDO B.V.
- FAB CBO 2005-1 B.V.
- Prospero CLO I
- Duchess IV CLO B.V.
- Harvest CLO II S.A.
- GSC European CDO II S.A.
- Jubilee CDO V B.V.
- Silver Birch CLO I B.V.
- Harbourmaster CLO 5 B.V.
- Avoca CLO III PLC
- RMF Euro CDO III PLC
- Cairn High Grade ABS CDO I PLC
- Panther CDO III B.V.
- Wood Street CLO I B.V.
- Dekania Europe CDO I PLC
- ORYX European CLO B.V.
- Palmer Square 2 PLC
- CELF Loan Partners II PLC
- Harbourmaster CLO 6 B.V.
- FAXTOR ABS 2005-1 B.V.
- Metrix Funding No. 1 PLC
- Duchess V CLO B.V.
- Boyne Valley B.V.
- Cadogan Square CLO B.V.
- Adagio II CLO PLC
- Avoca CLO IV PLC
- Cairn High Grade Funding I Ltd.
- Hyde Park CDO B.V.
- Cavendish Square Funding PLC
- Cheyne Credit Opportunity CDO I B.V.
- BACCHUS 2006-1 PLC
- Wood Street CLO II B.V.
- Magi Funding I PLC
- Gresham Capital CLO 1 B.V.
- Mercator CLO I PLC
- Harvest CLO III PLC
- European Enhanced Loan Fund S.A.
- Eaton Vance CDO VII PLC
- Gateway III - Euro CLO S.A.
- Sheffield CDO Ltd.
- RMF Euro CDO IV PLC
- Alpstar CLO 1 PLC
- Halcyon Structured Asset Management European CLO 2006-I B.V.
- Dalradian European CLO I B.V.
- Wood Street CLO III B.V.
- Leopard CLO IV B.V.
- Nash Point CLO
- Avoca CLO V PLC
- Grosvenor Place CLO I 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.
- Cadogan Square CLO II B.V.
- Oak Hill European Credit Partners I PLC
- Adagio III CLO PLC
- Jazz III CDO (Ireland) PLC
- Jubilee CDO VI B.V.
- Harvest CLO IV PLC
- BACCHUS 2006-2 PLC
- Leveraged Finance Europe Capital IV B.V.
- DRYDEN XIV - EURO CLO 2006 PLC
- Harbourmaster Pro-Rata CLO 2 B.V.
- Regent's Park CDO B.V.
- Duchess VI CLO B.V.
- Danube Delta PLC
- Jubilee CDO VII B.V.
- Eurocredit CDO V PLC
- CELF Loan Partners III PLC
- Euro-Galaxy CLO B.V.
- Gresham Capital CLO II 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.
- Dalradian European CLO II B.V.
- Versailles CLO M.E. I PLC
- Egret Funding CLO I PLC
- Cairn CLO I B.V.
- eleX Alpha S.A.
- Green Park CDO B.V.
- Panther CDO IV B.V.
- Anderson Valley CDO PLC
- Duchess VII CLO B.V.
- Gresham Capital CLO III B.V.
- Aquilae CLO II PLC
- Queen Street CLO I B.V.
- Harbourmaster CLO 7 B.V.
- CELF Low Levered Partners PLC
- Harbourmaster CLO 8 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.
- Grosvenor Place CLO II B.V.
- KINTYRE CLO I PLC
- Anderson Valley II CDO 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
- Jubilee CDO I-R B.V.
- Ares Euro CLO I B.V.
- Harvest CLO V PLC
- Alpstar CLO 2 PLC
- Eurocredit CDO VII PLC
- DRYDEN XV - EURO CLO 2006 PLC
- Glastonbury Finance 2007-1 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.
- Dekania Europe CDO III PLC
- Queen Street CLO II B.V.
- Highlander Euro CDO III B.V.
- Gresham Capital CLO IV B.V.
- CELF Loan Partners IV PLC
- GSC European CDO V PLC
- Ares European CLO III B.V.
- Harbourmaster CLO 9 B.V.
- 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
- Contego CLO I B.V.
- Strawinsky I PLC
- Wood Street CLO VI B.V.
- Cairn CLO II B.V.
- Cavendish Square Funding 2 Ltd.
- Mercator CLO III Ltd.
- Avoca Credit Opportunities PLC
- Euro-Galaxy II CLO B.V.
- Panther CDO V B.V.
- Odeon ABS 2007-1 B.V.
- PDM CLO I B.V.
- Jubilee CDO VIII B.V.
- Axius European CLO S.A.
- Avoca CLO IX Ltd.
- Munda CLO I B.V.
- Lightpoint Pan-European CLO 2007-1 PLC
- Eurocredit CDO VIII Ltd.
- St. James's Park CDO B.V.
- Harbourmaster CLO 10 B.V.
- Ares European CLO II B.V.
- CLAVOS Euro CDO Ltd.
- Neptuno CLO II B.V.
- Mazarin Funding Ltd.
- Malachite Funding Ltd.
- BASE CLO I B.V.
- Willow No.2 (Ireland) PLC
- Harbourmaster CLO 11 B.V.
- Halcyon Structured Asset Management European Long Secured/Short Unsecured CLO 2008-I B.V.
- Aurelius Euro CDO 2008-1 Ltd.
- CELF Loan Partners V Ltd.
- Jubilee CDO IX B.V.
- Gresham Capital CLO V B.V.
- Halcyon Structured Asset Management CLO 2008-II B.V.
- Phoenix Light SF Ltd.
- MONTE 2008-I B.V
- Chepstow Blue PLC
- DERBY BLUE 2009 PLC
- Metropolis II, LLC
- MADRID ACTIVOS CORPORATIVOS V, FONDO DE TITULIZACIÓN DE ACTIVOS
- Dureve Ltd.
- CAMBER 4 PLC
- Eurocastle CDO II PLC
- Aeolus CDO Ltd.
- ZOO ABS II B.V.
- Dryden X-Euro CLO 2005 PLC
- G Square Finance 2006-1 Ltd.
- EUROMAX V ABS PLC
- Skellig Rock B.V.
- Wood Street CLO IV B.V.
- Gateway II Euro CLO B.V.
- Neptuno CLO I B.V.
- Cordatus Loan Fund II PLC
- Valleriite CDO I PLC
- Grosvenor Place CLO III B.V.
- Windmill CLO I Ltd.
- Barion Funding Ltd.

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