Hayfin Capital Management today announces the pricing of Hayfin Emerald CLO IV (“Emerald IV”), a €343-million Collateralised Loan Obligation (“CLO”). The transaction is one of Europe’s largest CLO issuances since the outbreak of Covid-19.

Emerald IV attracted strong investor demand for its €199.5-million senior tranche of AAA-rated notes down to its single-B tranche, its most junior class of rated note. The structure will invest in a diversified portfolio of European senior-secured loans and bonds and is Hayfin’s fourth European CLO backed by broadly syndicated loans, bringing the firm’s total European CLO new issuance to over €1.55 billion in the past two years.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We’re pleased to have successfully issued and fully syndicated one of the largest CLOs in Europe post-Covid-19, capitalising on attractive underlying collateral pricing. The strength of investor demand for Emerald IV is demonstrated by the competitive pricing of the AAA notes – amongst the tightest in Europe during the pandemic. This reflects our team’s success to date in building Hayfin’s European CLO business, alongside the other, liquid offerings and the separately managed account strategies within our High Yield and Syndicated Loans platform.”

Goldman Sachs acted as arranger for the transaction.