BNP Paribas Asset Management Closes New CLO With €361M

Sep 25 2017 | 4:54pm ET

BNP Paribas Asset Management has closed its fourth new generation collateralized loan obligation, raising €361 million for investment in a diversified portfolio of syndicated leveraged loans to European corporations.

The new vehicle, named BNPP AM Euro CLO 2017 B.V., is the company’s fourth new generation CLO and second in Europe, according to a statement. It’s portfolio consists of a minimum of 95% of secured senior loans, with the balance made up of unsecured loans, second-lien loans, and mezzanine loans. Six classes of notes issued by BNPP AM Euro CLO 2017 are rated by Moody’s and Fitch Ratings, and have varying rating levels, enabling investors to invest according to their risk/return objectives.

The deal was structured and syndicated by BNP Paribas Corporate and Institutional Banking, the statement continued. All tranches of the CLO were successfully placed with a range of institutional investors from Europe and Asia, and part of the issue was retained by BNPP AM, including the regulatory vertical risk retention in line with the EU’s Capital Requirements Regulation.

The new CLO will be managed by the company's global loans team, led by Vanessa Ritter. The team, comprised of 20 dedicated experts in New York and Paris, is slotted within the Private Debt & Real Assets investment group that was established as part of BNP AM’s June revamp of its asset management units.  

BNP Paribas Asset Management is the investment management arm of BNP Paribas, one of the world’s major financial institutions. Managing and advising €566 billion in assets as at June 30, 2017, BNP Paribas Asset Management offers a range of active, passive and quantitative investment solutions covering a broad spectrum of asset classes and regions.

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