• US CLO primary market springs to life

    The US new issue CLO market sprang to life this week, cheered by investors who have complained about the high volume of refinancing and reset activity that has dominated the market in October.

    • 27 Oct 2016
  • CLO market sees credit quality as biggest issue of 2017

    US CLO investors, managers and analysts say that a dip in credit quality is the biggest issue facing the market next year, against the backdrop of soaring leveraged loan prices and rising rates hindering the ability of companies to pay off debt.

    • 26 Oct 2016
  • Investcorp buys 3i Debt Management, Tikehau snaps up Lyxor UK funds

    3i has sold its debt management business to Bahrain-based private equity firm Investcorp, while Tikehau Capital will boost its CLO business with the acquisition of Lyxor’s €700m European debt funds.

    • 25 Oct 2016
  • Macro factors drive US CLOs tighter

    Spreads on US CLOs are grinding ever tighter, though not from improving sector specific fundamentals. Observers say that tighter pricing is being determined by broad issues driving investors to the sector.

    • 24 Oct 2016
  • CLO, CMBS markets test multiple approaches to risk retention

    As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum.

    • 20 Oct 2016
  • Investors question CLO refi, reset trend

    US CLO investors are questioning the staying power of the recent trend of CLO resets and refinancings, which have outstripped the pace of new issuance considerably in the past few weeks.

    • 17 Oct 2016
  • KKR and Tikehau take European CLOs to record tights

    Spreads on European triple-A CLO paper have hit a new post-crisis low, after KKR Credit Advisors and Tikehau Capital Europe closed deals at the end of last week.

    • 17 Oct 2016
  • CLO refi and reset market deals hampering new issue

    CLO refi and reset deals are cannibalising new market issuance, to the chagrin of some investors who want to see more true new issue paper.

    • 13 Oct 2016
  • Growth of lev loan funds adds to collateral squeeze for CLO managers

    Loan funds are taking a growing share of new issuance in the leveraged loan market, putting the squeeze on CLO managers who are fighting for allocations to fuel new structures, according to a report from Fitch Ratings.

    • 12 Oct 2016
  • CLOs tighten but still a solid relative value

    US CLOs are grinding tighter as buyers reach for yield, but CLO investors say that the bonds are still cheap and provide solid relative value compared with other fixed income assets.

    • 10 Oct 2016
  • European securitization is complicated, and that's OK

    Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.

    • 04 Oct 2016
  • Views diverge on triple-A CLO value

    US CLO triple-A paper is attracting strong demand from buyers across the globe. But there is disagreement among investors over the relative value of paper from first and second tier managers.

    • 03 Oct 2016
  • Swelling investor base boosts European CLOs

    Issuers priced three new European CLOs at the end of last week, as well as the repricing of Carlyle’s 2013-2 deal, as a swarm of new and returning investors pile into European structured credit.

    • 03 Oct 2016
  • Axa battles low rates with alternative credit merger

    Axa Investment Managers has merged its alternative solutions and structured finance teams to form a single alternative credit offering as investors hunt harder than ever to find elusive yield.

    • 03 Oct 2016

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%