The London office of Commerzbank AG Debt Fund Management launched its third collateralized loan obligation ever on Friday, according to S&P Global; the deal has a targeted portfolio of €346.2 million.

Like Commerzbank’s previous two CLOs, the deal, dubbed Bosphorus CLO III, will be largely static with limited ability reinvest. During its two-year reinvestment period, new assets will only be acquired through proceeds from prepayments, optional redemptions and accelerations, according to a presale report published Friday by S&P Global. The manager does not have the discretion to sell assets and use proceeds to purchase new ones.

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