Royal London Asset Management (RLAM) has launched a €500m (£436.3m) European collateralised loan obligation (CLO), marking the continent’s largest CLO issuance so far this year, according to the firm.
The London-headquartered investment firm, which manages £181bn in assets under management, has introduced the Hambridge CLO II, following its recent inaugural €425m vehicle.
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RLAM stated that the launch marks the continued growth of its Hambridge CLO series, with the latest vehicle receiving support across tranches from both new and existing institutional investors.
“The successful launch and upsize of the Hambridge CLO II, reflects both strong market demand and the progress we are making in building a credible, long-term franchise in European leveraged finance,” said Sebastien Poulin, head of leveraged finance research at RLAM.
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Hambridge CLO II was arranged by Goldman Sachs, with Paul Hastings and Walkers providing legal advice.
“The European leveraged loan and CLO markets continue to develop with robust activity and the Hambridge CLO franchise is a meaningful participant and significant contributor to the growth of these markets,” said Khuram Sharih, senior fund manager at RLAM.
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