Regulatory notices

Sculptor European CLO VII: Optional redemption in whole or part.

Carlyle Euro CLO 2017-2: Optional redemption through liquidation.

News

Fair Oaks Capital has launched what it has labelled the industry's first European-domiciled, euro-denominated CLO exchange traded fund (ETF).

The corporate credit manager, which has received approval from Luxembourg regulator CSSF, said in a statement today it plans to list the ETF on Deutsche Boerse Xetra on 10 September and on the London Stock Exchange shortly afterwards.

The new fund, called Fair Oaks AAA CLO ETF (FAAA), invests exclusively in triple-A rated CLOs and is an ETF share class of an existing Fair Oaks UCITS fund - the Fair Oaks AAA CLO Fund.

FAAA is also a long-only portfolio with no leverage and is classified as Article 8 under the EU Sustainable Finance Disclosure Regulation, Fair Oaks highlighted.

The fund will be managed by a team of six and led by Miguel Ramos Fuentenebro and Roger Coyle, co-founders and partners of the firm.

Fuentenebro said: "Fair Oaks AAA CLO ETF offers investors liquid exposure to a diverse pool of triple-A rated floating-rate assets, which have a superb track record of no defaults since the first triple-A rated CLO was issued over 25 years ago. Our core belief is that the CLO market generates consistent, repeatable and superior risk-adjusted returns over multiple market cycles versus other credit strategies."

FAAA will be registered for distribution to investors in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Spain, Sweden and the UK.

Prospectuses on Euronext

Bain Capital Euro CLO 2022-1

Adagio XII EUR CLO

US primary market

Four US deal priced yesterday afternoon New York time. Link to story here.

See SCI’s European and US CLO Deal Tracker for more.

Ramla Soni