Cadwalader Wickersham & Taft’s London arm has secured a first-time instruction for US investment manager Deerfield Capital Management, acting on a €500m (£338m) bond issue over a portfolio of European leveraged loans.

The collateralised loan obligation (CLO) is Deerfield’s first foray into the European loans market. Deer-field will act as manager for a portfolio of senior secured bank loans, with notes issued through Irish special purpose vehicle Coltrane.