GSO adds turbo tranche feature to European CLO as part of reset

By Hugh Minch

GSO Capital Partners has issued a novel single B-rated European CLO tranche that is designed to amortise quickly

Subscriber-only article

This article is available only to Creditflux subscribers and free trial users within 30 days of publication.

Already a subscriber? Not logged in? Click here to login.

If you have not already done so,
you may request a FREE TRIAL by clicking here

This trial will give you:
  • 4-weeks' free online access to our
    most recent subscriber-only articles
  • Daily breaking news alert sent by email
  • A print copy of Creditflux

If you currently have a free trial, you will see this message when you try to view articles older than 30 days.

TAGS: Europe Refinancing CLO Deutsche Bank Pricing Blackstone Primary market

View details on CLO-i: Holland Park CLO

Comment by: Hugh Minch. Posted 4 years ago [2019-11-13 14:52:49]

Update: Thanks to the poster below. Pre-crisis turbo tranches and Holland Park's turbo tranche work differently. In GSO's deal, the feature happens when the deal is performing rather than if there is an OC test breach. The article has been updated to make this clear.

Comment by: Anonymous. Posted 4 years ago [2019-11-13 13:58:55]

Great feature but nothing new. This kind of feature was quite common in pre-crisis BBs.