KopenTech AMR

Refinancing, Simplified.

CLO Refinancing Platform

What is AMR?

AMR, Applicable Margin Reset, is a multi-dealer online auction that refinances CLO liabilities at a fraction of the traditional cost and time. AMR does not require issuance of new securities, thus cutting expenses and time delays. Compared to single-dealer underwriting, AMR auctions provide additional liquidity through multi-dealer syndication.

Why is CLO refinancing important?

While some may think that CLO Managers’ primary job is to focus on selecting assets, managing CLO liabilities is equally important for CLO returns. CLO assets are leveraged loans which are highly callable. Leveraged loan repricing can lead to uneconomic risk/return outcomes for a CLO. The ability to adjust the cost of liabilities frequently and economically is the key to successful CLO management.

Benefits The

Equity investors

lower refinancing costs and acquire the option to refinance debt tranche by tranche

Debt investors

gain broader market access and the ability to place multiple bids at different margins

CLO managers

save time via broad, efficient syndication and obtain insights from auction data


secondary desks get access to a formerly primary market

$6.4 B+

AMR Deals
in the Market

$4.1 B

Bids Posted
in AMR Auctions



…Buyers of CLO equity may press to use KopenTech’s technology... There were $25 billion of CLO refinancings last year. If all had gone the auction route, equity investors would have saved tens of millions of dollars.

Moody’s Investors Service analyst Peter Hallenbeck, February 2020
AMR Cost

Cost Savings

  • 4 AMRs for the cost
    of 1 traditional refinancing
  • Competitive execution
    through secondary markets
  • Deal documentation
    remains the same

Time Reduction

  • Full timeline is 10 days, with
    only 5 days of pricing risk
  • Financial and operational risks
    reduced through fast execution
AMR Time
AMR Data

Insightful Data

  • Detailed auction data helps
    CLO managers plan issuance
    more effectively
  • Multi-dealer auction format
    yields extensive origination

AMR Auction Results

View historical data from
past AMR auctions.

AMR Timeline

10 Days From
Initiation to Completion



The CLO manager or
majority equity investor(s)
initiates AMR
refinancing after
non-call period ends.



Investors confidentially
submit bids through
a platform broker-dealer.
calculates and publishes



Securities are
transferred via DTC to
auction winners.
trustee publishes
pricing supplement.

AMR on Wiki

Read detailed information about AMR on Wikipedia.

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