Latest CLO/CDO news

  • Enter Stage Entertainment for €355 div recap

    Dutch musical theatre group Stage Entertainment, producer of shows including The Lion King and Mamma Mia!, debuted in the leveraged finance market this week for a €355m term loan to pay a dividend recapitalisation to sponsor CVC, after the latter’s majority investment in the firm in 2015 was unusually an all equity deal.

    • 14 Jun 2017
  • Euro CLO market builds momentum

    A number of new European CLOs are in the works, with European issuers taking advantage of positive momentum following the Global ABS conference in Barcelona last week to print new deals.

    • 14 Jun 2017
  • Brigade lines up for euro CLO debut as market tightens

    Brigade Capital is lining up for its debut European CLO, as GSO Capital printed a deal at a post-crisis record tight of 83bp over Euribor. But the sector could go tighter still, according to panellists and audience members at the CLO managers’ roundtable at the Global ABS conference in Barcelona on Wednesday. That’s important though, with underlying assets looking more expensive than ever.

    • 07 Jun 2017
  • UK BTL deal, Euro CLO pair price in Barca run up

    UK buy-to-let deal Oat Hill No.1 and a pair of European CLOs were priced on Friday, as market participants prepared to descend on Barcelona for Global ABS, which kicks off Tuesday.

    • 05 Jun 2017
  • US CLO managers push on despite tricky loan backdrop

    A strong run in the US CLO new issue market has seen $10bn of paper priced in each of the last two months, despite new issuance of leveraged loans.

    • 05 Jun 2017
  • US CLO refi steam runs out as equity buyers eye resets

    US CLO equity holders are shifting their focus away from the low hanging fruit of refinancing transactions towards CLO resets, which give equity investors the benefit of longer reinvestment periods as well as cheaper liability costs.

    • 01 Jun 2017
  • US CLO managers pinched by low supply, fee sharing

    CLO managers are preparing for a quiet summer as a barren leveraged loan market continues to dampen warehouse formation, while sources report equity investors are increasingly asking for a cut of managers’ fees as equity returns dwindle.

    • 31 May 2017
  • Issuers churn out new European CLOs

    CLO managers are set to price two new European transactions in the coming days, joining a wave of European securitization issuers pumping out deals ahead of the Global ABS conference next week.

    • 31 May 2017
  • Japanese big hitter steps into US middle market CLOs

    Japan's Norinchukin Bank is understood to have invested in US middle market CLOs for the first time, the latest chapter in the evolution of the bank’s CLO investing strategy, writes David Bell. It accompanies a growing surge of liquidity in middle market lending in what could be a breakout year for the sector.

    • 25 May 2017
  • Risk retention rules spawn third party growth, engineering

    Risk retention sponsors are hiring third party firms to help accurately value their horizontal strips of US CLO equity, although the growth of bank financing is also encouraging more managers to adopt the vertical approach to the regulation.

    • 24 May 2017

CLO/CDO news archive

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,865 12 12.28
2 Citi 2,800 7 8.90
3 Goldman Sachs 2,615 4 8.31
4 Credit Agricole 2,254 6 7.16
5 Barclays 2,006 6 6.38

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Jun 2017
1 Citi 46,714.29 133 12.73%
2 Bank of America Merrill Lynch 43,017.27 121 11.73%
3 Wells Fargo Securities 36,865.83 105 10.05%
4 JPMorgan 25,897.27 79 7.06%
5 Credit Suisse 19,055.29 50 5.19%