CLO mandate goes to rival bank after lengthy auction process
A rival bank has taken over as manager of a 2006 balance sheet-style CLO after the original manager decided to auction the mandate
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I guess as triple-C buckets get more pressing and the realisation that the primary markets are not coming back anytime real soon the bridge between the bid and ask may come in...
My sense is that most manager transfer is taking place in distressed CDOs of ABS - where a new manager is being brought in basically to unwind the deal, presumably for a much lower fee. In the CLO space there don't seem to be many willing sellers (yet). And we hear of a few instances where managers are touting around deals but not finding buyers at the asking price. Will that change as CLOs get more distressed?
Would be interesting to know how much more of this we might see; ie, CLO or CDO management mandates being transferred or moving to other organisations as new deal flow remains muted. Welcome comments from others more knowledgeable...
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Comment by: Ian Robinson. Posted 15 years ago [2009-01-06 17:41:40]