October 23, 2023

Siepe Closes $1.7B in CLO and Private Credit Deals with Top-Tier Managers

CLOs issued by tier-one US CLO managers in the Top 30

 

DALLASOct. 23, 2023 — Siepe, a trusted provider of technology-enabled services and market-leading compliance and reporting, today announced it has closed three broadly syndicated loan (BSL) collateralized loan obligation (CLO) transactions in Q3, representing a total of $1.2 billion new issue CLO paper printed, and a fourth as Collateral Administrator on a leverage facility for a private credit fund, representing an additional $500 million in private credit assets.

The CLOs were issued by tier-one US CLO managers, one with $17.8BN in CLO AUM, another with $11.7BN in CLO AUM and the third with $27BN in credit assets. All three transactions are rated by Moody’s and S&P and one is compliant with European Risk Retention securities regulations.

This occasion marks a major milestone for Siepe’s Collateral Administration business with its partner, Citibank Agency & Trust. The platform continues to grow and support top-tier CLO managers by delivering best-in-class service, data, and responsiveness through technology-enabled services. CLO Managers have full transparency into their deals, providing them with operational ease and efficiency.

“Fund managers in the private credit and CLO space often struggle to filter their available data to obtain the single golden copy – and with the increasing capital flows to these markets, it’s only becoming more challenging to carry out investment activity that meets their objectives,” said Michael Pusateri, CEO and Founder of Siepe. “By closing these CLO and private credit  transactions, we are showing the value we add to the industry by using technology to aggregate and normalize data to help fund managers optimize their portfolios and trade into higher-quality credits.”

The manager for the closed transaction on a leverage facility for a private credit fund has plans to turn the fund into a private business development company (BDC). This further builds on Siepe’s Collateral Administration offering on CLOs and similar transactions in the private credit space. Citibank and Siepe are collectively administering numerous CLO warehouses and leverage facilities with tier-one managers and a large institutional bank lender.

Since launching its Collateral Administration services, Siepe has given fund managers the ability to gain multiple views across their portfolios via a client interface with varying dimensions of detail, including fund strategy, asset level detail, cash and position activity, and portfolio compliance testing. Its technology-enabled services model allows for efficiency, data integrity, and scalability for managed credit strategies.