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Securitisation: AIB readies 4th CLO deal Back  
AIB Capital Markets is to launch its fourth European collateralised loan obligation (CLO) deal, the E350 million Boyne Valley, B.V.
At closing, Boyne Valley will issue floating-rate and subordinated notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior secured leveraged loans. The transaction has a reinvestment period of six years.

The transaction allows up to 30 per cent of the assets to be denominated in a currency other than euros. For these assets to be eligible for inclusion in the portfolio, they must be denominated in U.S. or Canadian dollars, or the currency of a Western European country, which has a long-term foreign currency sovereign rating of at least ‘AA-’.

This is AIB’s fourth CLO, following on from the E400 million Galway Bay BV transaction in 2003, Clare Island BV in 2002 and Tara Hill, a E447 million CDO, in 2001.

The deal further consolidates AIB’s position as one of the largest players in the European leveraged buy-out market.

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