BNP Paribas obtained three prestigious trade awards, solidifying our place as a number one participant within the rising CLO area. Successful the coveted CLO Financial institution of the Yr and US CLO Deal of the Yr from GlobalCapital of their annual US Securitization Awards and Finest Performing Non-public Credit score CLO of the Yr from DealCatalyst of their U.S. CLO Awards acknowledges BNP Paribas’ dedication to shoppers throughout the US CLO market and represents a big achievement for the financial institution.
We’re grateful to the US marketplace for recognizing our efforts to persistently present useful personalized recommendation to shoppers, modern deal buildings, and allow environment friendly pricing throughout the CLO market segments. Our capacity to maximise international distribution—mixed with our strengths in deal execution and deep understanding of the CLO market—permits us to ship the top-rated service our shoppers deserve.
Adnan Zuberi, Managing Director, Co-Head of International Capital Markets Americas, BNP Paribas
Recognition of delivering for shoppers throughout the US CLO market
In 2023, CLO new issuance remained the main focus as banks balanced their current BSL CLO pipelines with the explosive progress of the center market and personal credit score CLOs. This required out-of-the-box considering for banks to develop their Issuer footprints as crossover buyers between each markets elevated. In the previous couple of years, BNP Paribas has considerably grown its securitization platform and US market share of recent CLO issuance to ship efficient and well timed options in a aggressive and demanding market surroundings.
The CLO franchise resides within the financial institution’s Asset Finance and Securitization (AFS) division and is integral to its full suite of structured finance choices in securitization markets. BNP Paribas’ robust stability sheet and alignment of its structured credit score distribution and buying and selling arm have enabled us to realize environment friendly pricing, execution and liquidity on the CLOs it leads.
BNP Paribas’ give attention to offering artistic structural options to complicated issues and partnering with our Issuers to navigate tough markets has been integral to the expansion of the US CLO enterprise over the previous couple of years. That, mixed with the steadiness and natural progress of the CLO Structuring and Syndicate groups, has offered our shoppers confidence in our capacity to execute on their behalf throughout unstable markets.
Rising with international companions
BNP Paribas works with a broad secure of CLO managers lively throughout each US and European CLO markets and is a top-ranked CLO warehouse supplier for each areas. Our confirmed monitor file of profitable CLO executions offers stability sheet velocity and is in keeping with AFS’ originate-to-distribute focus whereas offering our massive shoppers secure financing when working with the financial institution.
The financial institution’s important presence and fame throughout key places across the globe permits us to resourcefully faucet right into a deep and broad investor base whereas main the syndication of CLO transactions. Rating within the prime 5 on US league tables and topping European arranger tables has given the financial institution extra visibility to buyers, which permits us to attach with a deeper base throughout the globe and improves our execution.
In a testomony to the breadth and attain of our international CLO capabilities and investor relationships throughout areas, GlobalCapital’s 2024 European Securitization Awards additionally earlier acknowledged our function as lead arranger of Spire Companions’ Aurium CLO XI, which gained the 2024 CLO Deal of the Yr award.
US CLO Deal of the Yr win
At $1.3 billion, Golub Capital Companions’ CLO 69(M) was the most important new CLO in 2023 and the most important CLO since 2019. It was topped as CLO Deal of the Yr by GlobalCapital, chosen via a web based ballot of market members, and Finest Performing Non-public Credit score CLO of the Yr by DealCatalyst via votes by members of the Mortgage Syndications and Buying and selling Affiliation (LSTA). BNP Paribas served as sole structuring agent and lead placement agent, supporting Golub Capital, probably the most lively CLO issuer within the US in 2023.
This was the financial institution’s first main CLO execution with Golub Capital, showcasing an execution technique targeted on increasing Golub’s investor base and using BNP Paribas’ robust international presence to herald first time buyers to each the Golub platform in addition to to Center Market CLOs extra broadly. The strategic breadth of the investor guide enabled a transaction upsize from $500mm to $1.34bn and led to a number of follow-on CLO mandates with the Golub staff.
Zuberi notes, “We’re happy that our objective to handle a high-quality US pipeline and liquidity, convey a various set of world alternatives to CLO buyers, and be a trusted accomplice for our shoppers has been acknowledged within the US market, and we’re dedicated to continued innovation throughout the complexity of market cycles.”