Vendome Funding CLO 2020-1 DAC: 09 July 2020
This is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. The portfolio will be actively managed by CBAM CLO Management Europe Limited, and this will be their inaugural European CLO. CBAM US is an alternative investment management firm founded in 2016 which currently has $12bln in assets under management across eleven reinvesting CLOs.
Portfolio concentration limits (include): senior secured loans and/or senior secured bonds – min 90%; senior secured loans – min 70%; hedged non-euro obligations – max 25%; revolving or delayed draw obligations – max 10%; unhedged fixed-rate obligations – max 10%; cov-lite loans – max 40%; PIK securities – max 5%.
The CLO is an approximate 11-year transaction, and the deal features a one-year reinvestment period.