KPMG named as receiver for group

KPMG said yesterday it had been named as the receiver for Coltrane CLO Plc, a €498 million Dublin-based collateralised loan obligation fund, after falls in the market value of its assets triggered default clauses.

CLOs invest in leveraged loans, used to help fund private-equity buyouts, and issue bonds backed by the cash flows from the loans.

Leveraged loan prices have dropped sharply in recent weeks.