Proven Record Makes Public Placement PossibleCLOs dominated the European pipeline, with some going against the retained deal trend

The European primary pipeline is still, for the most part, defined by retained deals, although public placement of Unicredit HVB's SME CLO, Geldilux TS 2008-1, shows that for the right paper, investors will still pay up. In the retained front, bookrunners priced the 130 million ($201 million) retained cash balance sheet CLO for originator Caja Circulo, AyT Colaterales Global Empresas Caja Circulo I FTA. Caixa de Balears (Sa Nostra) 250 million Spanish cash balance sheet CLO, TDA Sa Nostra Empresas 1 FTA, was also priced.