Our story

In 2017, the first-ever CLO with Applicable Margin Reset was issued by Crescent Capital Management. The CLO manager, known for its innovative perspective on the marketplace, teamed up with arranger MUFG and trustee BNY Mellon to issue Atlas VIII with AMR. The deal had its first AMR auction in March 2021.

1st new issue CLO: Atlas VIII managed by Crescent Capital Management

Our story

Shortly after the first AMR deal was issued, Trimaran Advisors reset their Catamaran 2014-1 transaction, this time including AMR language. Trimaran also used the reset as an opportunity to upsize the transaction to $696 million, making it the largest AMR print to date.

1st time AMR is placed in
a reset: Catamaran 2014-1
managed by Trimaran Advisors

Our story

Within a year of the first deal with the AMR feature included, KopenTech was founded as an Auction Service Provider to AMR deals. Since its founding, KopenTech has expanded its product offering to include data, analytics and secondary trading for the CLO marketplace.

KopenTech is launched

Our story

In March 2019, Seix Advisors became the first manager to issue more than one AMR deal with Mountain View CLO XIV AMR. Seix Advisors’ first AMR deal was Mountain View CLO 2017-2 which was issued in December 2017.

Since then, two additional managers have embedded AMR into multiple deals including Columbia Threadneedle and HalseyPoint.

1st Repeat Manager: Seix Advisors

Our story

November 2019 marked the first time a debut CLO manager embedded AMR into a deal. East-West Investment Management issued their inaugural deal with AMR language, teaming up with Jefferies to issue the transaction.

1st Repeat Manager:
Seix Advisors

Our story

On January 30, 2020, KopenTech hosted the first-ever AMR auction, opening up refinancings to a wider network of investors through a multi-dealer online auction. The TCW 2019-1 transaction, a $351 million CLO, received over $1.1 billion in bids making the inaugural auction 3.3x oversubscribed, validating both AMR as a process and KopenTech as a provider of auctions.

1st AMR Auction

Our story

In June 2021, KopenTech hosted the AMR refinancing of Catamaran 2014-1 managed by Trimaran Advisors. This deal was upsized in a reset a year prior, bringing the AAA tranche to $430 million.

This refinancing was particularly special; since AMR refinancings are secondary transactions, the AAA tranche of Catamaran 2014-1 AMR refinancing was the largest secondary trade conducted in the history of CLOs.

Largest secondary
trade in CLO history

Our story

AMR continues to gain traction as a faster and cheaper method of refinancing CLO securities. Investors and CLO managers note that AMR helps democratize the market through opening up refinancings to more participants and providing better data to the marketplace in the process.

Largest secondary
trade in CLO history