Key Japanese Investor Abandons Debt Deal Midway
- CVC in market with a €391 million CLO, arranged by Citigroup
- UK pension funds’ forced selling has injected huge volatility
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Norinchukin Bank has pulled out of investing in a new collateralized loan obligation deal being sold by CVC Credit Partners, a rare step highlighting how quickly the Japanese CLO giant is stepping back from the market.
The Japanese bank, once known as the CLO whale, had agreed to buy all the top-rated bonds of CVC’s €391 million ($383.26 million) collateralized loan obligation offering, a sale that launched in recent weeks. But in an unusual move, Norinchukin Bank decided not to buy the securities, according to people with knowledge of the transaction.