Credit Suisse Group Said to Raise $516.3 Million CLO for CSAM
Credit Suisse Group AG (CSGN) raised a $516.3 million collateralized loan obligation to be managed by Credit Suisse Asset Management, according to two people with knowledge of the deal.
The fund includes a $298 million slice rated AAA that has a coupon of 147 basis points more than the London interbank offered rate, said the people, who asked not to be identified because the terms are private. Libor is the rate at which banks say they can borrow in dollars from each other.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
Katherine Herring, a Credit Suisse Asset Management spokeswoman, declined to comment.
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