Hayfin issues €345m Hayfin Emerald CLO V

Hayfin Capital Management today announces the pricing of Hayfin Emerald CLO V (“Emerald V”), a €345.6-million Collateralised Loan Obligation (“CLO”). The transaction is one of Europe’s largest CLO issuances since the outbreak of the Covid-19 pandemic and is the second European CLO Hayfin has printed since July, following the issuance of the €343-million Emerald CLO IV. The pricing makes Hayfin one of the few managers to have printed multiple European CLOs since the beginning of the coronavirus pandemic.

Despite these challenging and volatile market conditions, Emerald V attracted investor demand for all classes of rated notes, having preplaced the equity. The particularly high demand for the €208-million AAA tranche was reflected in Hayfin achieving the tightest pricing of AAA notes out of all managed European CLOs issued during the pandemic to date.

The structure will invest in a diversified portfolio of European senior-secured loans and bonds. Hayfin Emerald CLO V is Hayfin’s fifth European CLO backed by broadly syndicated loans, bringing the firm’s total European CLO new issuance to over €1.9 billion in the past two years.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We’re delighted to have priced our fifth European broadly syndicated CLO despite the uncertainty currently affecting markets, and are particularly pleased with the strength of demand for the AAA notes, the pricing of which is the tightest in Europe since the outbreak of Covid-19. This pricing demonstrates Hayfin’s growing reputation as one of Europe’s leading CLO managers.”


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