Latest CLO/CDO news
Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.
Buyers of CLO mezzanine debt are pushing back against the rapid spread compression seen since since the start of the year, with activity over the past month showing a slowdown in the pace of tightening.
Looming macro risks and political turmoil could weigh on loan prices, potentially easing the squeeze on CLO equity investors at the bottom of the capital structure, said analysts at Prytania Investment Advisors this week.
Spire Partners set a new tight level for new issue European CLOs last Friday, as triple-A spreads continued to rally and spreads at the junior end of the capital stack also show signs of tightening.
Leveraged debt investors are not quite ready to retreat from their position in Canadian drug maker Valeant Pharmaceuticals, despite long-term advocate Bill Ackman abandoning his holding in the company on Monday.
GlobalCapital is pleased to announce the nominees for its annual European CLO awards, to be presented at IMN's 4th Annual Investors' Conference on European CLOs and Leveraged Loans on April 5.
Sentiment among US CLO investors is nearing a fever pitch, as buyers pile into new offerings despite debt spreads plunging to their tightest levels in recent memory.
CLO equity is the “belle of the European credit ball” because of the level of returns investors enjoyed in 2016, said JP Morgan analysts on Monday. But with large risk retention vehicles muscling in and loan repricing taking its toll, the landscape is set to get rougher.
Canadian drug maker Valeant Pharmaceuticals is hoping to complete a large debt refinancing which will extend maturities and loosen covenants, though leveraged loan investors are still likely to lap up the new debt, sources said.
Prytania, a structured credit boutique, has formally split its corporate structure, separating its advisory and solutions business from investment management.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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|Rank||Lead Manager/Arranger||Share % by Volume|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||11,897.40||33||11.83%|
|2||Bank of America Merrill Lynch||9,837.56||29||9.78%|