Latest CLO/CDO news
The European CLO investor base may not be as deep as once thought, as managers see spreads widen in the primary market, particularly for CLO refinancings.
Commerzbank has sold the first synthetic securitization to the European Investment Bank (EIB) under the European Fund for Strategic Investments, otherwise known as the ‘Junker Plan’, which aims to encourage lending and investment across Europe.
Antares Capital Advisers’ first middle market CLO in the 2.0 era was this week rumoured to have attracted the interest of Asian investors, potentially unlocking another big source of funding for a market that is also attracting larger volumes of insurance company money.
Managers priced four new issue US CLOs last week, as unsatisfied demand helped triple-A spreads to grind even tighter despite softening in the rest of the capital stack.
The Carlyle Group, CQS Investment Management, Bain Capital and Spire Partners were in the market with CLOs this week, sprinting to get deals out the door ahead of the Easter break.
Risk retention financing and warehouse first loss pieces are becoming increasingly attractive trades for European CLO equity buyers as they face growing competition from US buyers and junior debt investors creeping down the capital stack.
On Wednesday, April 5, GlobalCapital presented its annual European CLO awards at the IMN Investors' Conference on European CLOs and Leveraged Loans in London.
New Jersey based asset manager Onex Credit Partners has closed its first European CLO, while fellow US manager HPS has also launched a first deal in the European market.
Speakers at the IMN Investors’ Conference on European CLOs and Leveraged Loans, held in London on Wednesday, said that “covenant lite” loans in CLOs are not yet a problem for the market, but warned the audience that recovery rates have yet to be truly tested.
The global CLO investor base is becoming increasingly fluid, with US, European and Japanese investors moving between markets based on relative value and credit quality with greater ease, attendees at the IMN Investors’ Conference on European CLOs and Leveraged Loans heard on Wednesday.
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||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||6,778||8||22.97|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||35,181.47||86||13.56%|
|3||Wells Fargo Securities||24,415.38||74||9.41%|