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February 09, 2026
Cadwalader partner David Gingold was featured in Structured Credit Investor discussing Barings’ US$508 million debut infrastructure CLO, Cadwalader’s role as drafting counsel to the co-arrangers, and the product’s structural evolution and investor appeal.
David noted the addition of certain key BSL CLO features as distinguishing the deal from prior infrastructure CLOs. “There are some BSL CLO aspects to it that you didn’t necessarily see in earlier infrastructure CLOs,” he said.
He contrasted infrastructure CLOs’ diversified appeal with more focused securitizations like data center ABS or CMBS. “Data centres are a big topic in CMBS and ABS, but those tend to be more focused exposures,” he said. “Infrastructure CLOs allow for flexibility across different types of infrastructure — energy, transmission, toll roads and other projects — which gives investors a broader investment package.”
David expects ongoing issuance and product refinement as adoption grows. “This deal is likely the first of several,” he said. “As more managers enter the space, and depending on the collateral, you may start to see infrastructure CLOs that look to add features seen in other types of CLOs over time.”
Read the full article in Structured Credit Investor here (subscription required).
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