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The Economic Times

Technology

Bain Capital CLO tranche defaults in post-2008 first for Europe

Bain Capital Euro Fitch

Part of a European collateralized loan obligation managed by Bain Capital has failed to repay investors in full, the first such default since an overhaul of the asset-backed securities more than a decade ago.

Rating agency Fitch said it downgraded the most junior tranche of the private investment firm’s Euro CLO 2018-1 DAC bond to default on Thursday, after the note returned €7.4 million ($8.5 million) to its holders compared with a par value of €11.2 million. The total value of the vehicle was €361 million.

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