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Grand Harbour CLO 2019-1 : 26 August 2019


Barclays has launched a debut €406.335 million Grand Harbour CLO 2019–1 for MeDirect Bank, which will manage the transaction and the selection and disposal of assets.

MeDirect started off as Mediterranean Bank in June 2004, becoming a fully licensed Maltese credit institution a year later. MeDirect is currently Malta’s third largest bank, directly supervised by the ECB & Maltese Financial Services Authority.

At least 90% of the portfolio must consist of senior secured obligations and up to 10% of the portfolio may consist of senior unsecured obligations, second-lien loans, mezzanine obligations and high yield bonds. The portfolio is expected to be 90% ramped as of the closing date and to comprise of predominantly corporate loans to obligors domiciled in Western Europe.

Michael Curtis ex-ICG has recently joined as chief investment officer. Previously he was co-head of the European Loans business, and managed numerous CLOs.