CLO/CDO

  • Principal losses loom for risk transfer buyers after accounting wrinkle

    Principal losses loom for risk transfer buyers after accounting wrinkle

    European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.

  • GlobalCapital’s Loan Awards poll closes on Friday!

    GlobalCapital’s Loan Awards poll closes on Friday!

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2019 will close on Friday. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2019. We remind you that an institution cannot win a category it hasn't voted on.

  • CVC prices Cordatus European CLO via DB

    CVC prices Cordatus European CLO via DB

    CVC Credit Partners has tapped Deutsche Bank to arrange its latest CLO, as new issuance takes center stage again amid the drop in European CLO refinancings.

  • Be-Spoke Capital takes second run at Spanish SME CLO

    Be-Spoke Capital takes second run at Spanish SME CLO

    Be-Spoke Capital has mandated NatWest Markets and JP Morgan for Alhambra SME Funding 2019-1, a year after market volatility in the fourth quarter of 2018 led the issuer to shelve its first attempt at the securitization.

  • Rates desks seek CLO tranches for spare parts

    Rates desks seek CLO tranches for spare parts

    Rates trading desks are seeking owners of triple-A European CLO tranches, because of the value of the embedded Euribor floors, which convert negative Euribor prints to 0%. These can be stripped out and sold to the market, monetising a feature of the bonds that has become sharply more valuable as euro interest rates have plunged this summer.

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