Europe’s CLO market shows ESG and SME activity; secondary volume at $750 million

Chicago, Nov. 13 – The collateralized loan obligation market in America went dormant on Friday, but Europe’s market showed a hint of activity with two deals announced.

A €302 million transaction emerged from Bridgepoint Credit with ESG criteria for its collateral.

And, some terms of CaixaBank SA’s next SME portfolio were announced over the day.

Secondary volume was active on Thursday, according to Trace data.

Over $750 million changed hands the day after the market came back from Veterans Day, most of that in investment-grade paper.

The high-grade market had 126 trades totaling $503.16 million at an average price of 97.6.

The lower-rated paper traded with a volume of $266.88 million in 88 trades at an average price of 82.1.

An ESG CLO

Bridgepoint CLO 1 DAC announced a new CLO with appeal for the environmental, social and green trading desks.

The €302 million deal was announced with few details but is expected to close on Dec. 18.

The restrictions for the collateral will be focused on the industries which can be invested in for the portfolio.

Barclays is arranging the transaction.

CaixaBank eyed

CaixaBank hit the market with its sizable two-part offering of a collateralized portfolio backed by small- and medium-sized enterprise loans.

The CaixaBank Pymes 12, FT portfolio comes with a September 2062 maturity and an issue size of €2.55 billion.

The top three industries in the portfolio are building and development, farming and agriculture and food products. The top three industries make up approximately 35% of the portfolio.

Over one-quarter of the borrowers are based in Catalonia, the base for CaixaBank.

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