We are excited to announce that today BNP Paribas priced the $404.66 million Mountain View CLO XIV AMR for Seix Investment Advisors. This is the second new issue to utilize the Applicable Margin Reset feature.
Applicable Margin Reset (AMR) protocol, though untested as yet, is beginning to gather steam in the CLO industry. TCW Asset Management’s latest offering, TCW CLO 2019-1, is the latest to embed AMR in its documentation.
Traditional refinancing of collateralized loan obligations is costly, time-consuming and risky. Applicable Margin Reset (AMR) is a speedier, less expensive, more transparent option that mitigates operational and market risks.
CLO managers have firmly got to grips with US risk retention rules and, as a result, a massive $102.7 billion of CLOs priced globally during the second quarter of the year. Innovation is the hallmark of the evolution of the industry.
At a time when much of the CLO market’s creative energy has been concentrated on developing structures to facilitate compliance with the U.S. risk retention rules, another innovation has emerged: Applicable Margin Reset (AMR).
MUFG has priced another CLO featuring the applicable margin reset mechanism (AMR).
MUFG Securities Americas today priced a $406.4 million CLO for Seix Investment Adivsors LLC, according to market sources.
KCAP Financial (KCAP) announced that its wholly owned asset management Trimaran Advisors LLC had restructured and "upsized" a CLO.
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