Tag Archives: Spire

ACLO 9X SUB’s estimated initial arbitrage stood at around 225 bps (portfolio discounted spread less cost of funding based on DM). Its strong distribution was partly driven by an outsized first payment of 18.2 points and a highly leveraged structure—nearing 14x collateral-to-equity notional—well above the sub-12x average for H1 2022 deals.

It appears that there is a clear shift in style. Spire recorded above-average interest alpha until September 2020 and below-average interest alpha since then.

Pitchbook LCD reports that Spire Partners has submitted a notice of intent to reset or refinance Aurium CLO I, a CLO vehicle that was previously reset and concluded its reinvestment period in March of this year. This deal was originally issued on 26 March 2015.