Hayfin announces the pricing of Hayfin Emerald CLO XIII (“Emerald XIII”), a €405.7 million Collateralised Loan Obligation (“CLO”).

Hayfin’s first European issuance of 2024 follows last year’s prints of Emerald CLO XII in November 2023 and Emerald CLO XI in January 2023. The transaction increases the AUM of Hayfin’s European CLO platform to more than €5.5 billion.

Like Hayfin’s previous CLOs in the Emerald series, Emerald XIII will invest in a diversified portfolio of European senior-secured loans and bonds. Hayfin secured a leading Japanese institutional allocator as anchor investor in the transaction with a preplacement of the AAA tranche. The strength of demand for Emerald XIII, from both new and existing investors in Hayfin’s European CLO platform, was further reflected in tight pricing achieved at all levels of the capital structure and the accelerated timeframe within which the transaction was executed.

Gina Germano, Hayfin Head of European High-Yield & Syndicated Loans, commented: “We believe this transaction emphasises our position as one of Europe’s leading and best-established high-yield credit managers. Our ability to lock in a blue-chip Japanese anchor investor in only six weeks, following a competitive process conducted prior to the launch of the deal, provides a strong foundation for our platform to establish future partnerships in this strategically important market. The competitive spreads at which the remaining notes priced reflects the confidence of both first-time and returning investors in our track record of credit selection and portfolio management.”