BNP Paribas Asset Management is upping its private debt game

By Daniel Lanyon on 25th September 2017

Alternative CreditChallenger Banks

The firm has been investing more and more fire power in lending to European corporates of late.

BNP Paribas Asset Management is upping its private debt game

The firm has been investing more and more fire power in lending to European corporates of late.

The asset management arm of BNP Paribas has announced a successful close of a private debt CLO (Collateralised Loan Obligation), worth €361m and is gearing up for more,

The securitisation, named BNPP AM CLO 2017, holds a portfolio of syndicated leveraged loans to European corporates and is BNPP AM’s fourth new generation CLO two in Europe and two in the US, confirming its position as a major player in the loans and CLO markets.

BNPP AM CLO 2017 B.V. portfolio consists of a minimum of 95 per cent of secured senior loans, with the balance made up of unsecured loans, second-lien loans, and mezzanine loans. Six classes of notes issued by BNPP AM Euro CLO 2017 are rated by Moody’s and Fitch Ratings.

The deal was structured and syndicated by BNP Paribas Corporate and Institutional Banking.  All tranches of the CLO were successfully placed with a range of institutional investors from Europe and Asia.  Part of the issue was retained by BNPP AM, including the regulatory vertical risk retention in line with the EU’s Capital Requirements Regulation.

This new CLO is managed by BNPP AM’s Global Loans team, headed by Vanessa Ritter. It specialises in investing in leveraged loan financing, through managed accounts and CLOs.  It is also a market leader in middle market corporate financing in Europe, having launched the Novo fund in 2013.

The Global Loans team is part of the Private Debt & Real Assets investment group that was created last June and also includes SME (small and medium-sized enterprise) lending, structured finance, real estate debt and infrastructure debt, as well as the SME direct lending platform. 

David Bouchoucha, head of private debt & real assets at BNP Paribas Asset Management, says the 

“The successful closing of BNPP AM Euro CLO 2017 confirms BNP Paribas Asset Management’s leading position within leveraged loans and its intention to be a repeat issuer of CLOs.  This is in line with our overall strategy to provide clients with a broad range of private debt solutions and to adapt to their needs”.

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