AXA Investment Management closes Allegro VII CLO at $400m

The firm’s latest US CLO was oversubscribed in all tranches.

AXA Investment Managers has closed its latest CLO at $400 million, bringing its total CLO assets under management to over $4 billion.

Allegro VII CLO is a Capital Requirements Directive IV compliant vehicle and formally closed on 13 June 2018. AXA said the offering had high client demand across its tranches and a high number of repeat investors.

Deborah Shire, head of structured finance at AXA Investment Managers, said: “AXA IM is a regular issuer of CLOs globally with three to four new CLOs launched every year. Being a regular issuer is key in the CLO market to satisfy the demand from repeat investors and continue building the track record of AXA IM as a global CLO Manager.”

The CLO is the seventh US vehicle AXA has launched since the 2008 financial crisis.

AXA added that in all areas the tranches were oversubscribed resulting in a tight market spread. The mezzanine tranches were priced at approximately 20 basis points tighter than the wider market.