Natexis plans Q1 2006 CLO launch

Natexis Banques Populaires is preparing for the launch of its second collateralised LBO loan offering, expected Q1 2006. The CLO, Vallauris II, will have total assets of around EUR 300m, mirroring the EUR 308m of the original Vallauris CLO, launched into the market in July 2004. Other aspects of the CLO are also likely to mirror the 2004 deal, in particular the asset profile, although this has yet to be finalised.Natexis Banques Populaires is one of only two French banks to manage leveraged loans CLOs. Vallauris 1 was divided into 77.4% AAA-rated senior notes, 8.3% BBB-rated mezzanine loans and 13.7% subordinated loans (equity). Around 40% of the assets are currently French LBO loans, with around 20% German-originated, 13% UK-originated, and around 20% originated from other European jurisdictions. There is also a small US element. Philippe Lefelle, head of leveraged finance for Natexis’s Paris office, comments that its ‘French flavour’ sets it apart from other London-based CLOs.

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