Polus Capital Management has announced the closing of its latest collateralised loan obligation (CLO), Cairn CLO XX, at €450m (£393.3m).
The vehicle is a European securitisation of euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers.
Read more: Investor appetite for CLOs ‘surging’ but questions raised over risks
The credit specialist said that the closing represents “an important milestone in Polus Capital Management’s European leveraged credit strategy and reinforcing its position as a leading CLO management platform,” in a post on LinkedIn.
S&P Global has given the portfolio’s credit portfolio a weighted-average rating of ‘B’, noting that it is well-diversified.
Since 2014, Polus has raised more than $1bn (£749m) for Polus-managed CLOs and other credit investments across Europe and the US.
Read more: Permira Credit prices third US CLO at $530m
