New NIBC CLO - North Westerly VII - is priced

After a substantial oversubscription and three rounds of price tightening of spreads on mezzanine tranches, NIBC’s latest collateralised loan obligation transaction (CLO) is now priced. Although NIBC launched the CLO into a crowded market and competed against a number of other managers, it was possible to secure a syndicate of 30 investors: our largest syndicate to date. There are institutions that have invested in prior North Westerly CLOs, as well as a number of new, high profile investors.

Herman Guelovani, Head of Credit Management at NIBC Bank:

“We are very pleased with the number of investors that have shown interest in North Westerly VII. Our CLOs have been in the top decile of league tables throughout the Covid crisis of 2020 with not a single test or covenant breached, and are viewed as “sleep well at night” investments. This has distinguished us from a lot of competition. We see this reflected in a recognition by the market and, ultimately, in the tight liability pricing.”