CLO/CDO - All Articles

  • New Mountain Capital prepares maiden CLO deal

    New Mountain Capital is the latest manager to make a first foray into the US CLO market, readying its inaugural broadly syndicated loan deal, according to sources.

    • 27 Feb 2020
  • Destination: Dublin as Dutch VAT ‘earthquake’ sends CLO managers scurrying

    The CLO industry is expected to make an exodus from the Netherlands as managers with deals in the pipeline look to domicile their warehouses in Ireland. This follows a court ruling in the country, where up to a fifth of the market is located, which stings managers for a tax on management fees in a move that could shrink their income and reduce deal volumes. Tom Brown reports

    • 26 Feb 2020
  • Barclays lands tightest 2020 CLO with second CIFC deal

    Barclays has achieved the tightest cost of liabilities this year for its CIFC Euro CLO II, which saw triple-A rated notes priced 2bp inside any other European CLO issued in 2020 at 90bp over three month Euribor.

    • 25 Feb 2020
  • CLOs edge closer to digitalization after success of AMR

    Digitalisation and its impact on traditional practices was front and centre at a CLOs and leveraged loan event at the SFVegas conference on Monday, where speakers were focused on the advent of digital platforms, what is possible and what is premature.

    • 25 Feb 2020
  • MUFG plans project finance, aviation CLOs

    Spurred by investors’ reach for yield and the drive to more off-the-run assets, MUFG is taking advantage of its expertise in project finance and CLO structuring, preparing a rare project finance CLO and another backed by aviation assets.

    • 25 Feb 2020
  • Central American bank woos UK to be new member

    The Central American Bank for Economic Integration is hoping to persuade the UK government to join it as a shareholder, holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms.

    • 20 Feb 2020
  • Golub Capital prices BSL CLO transaction

    Golub Capital this week priced its first broadly syndicated loan CLO of 2020.

    • 20 Feb 2020
  • RentPath acquisition to hand victory to creditors

    A handful of CLOs are poised to benefit from CoStar Group's acquisition of troubled apartment rental listing firm RentPath, which has agreed to be acquired out of bankruptcy for $588m.

    • 19 Feb 2020
  • Newly launched Axa fund targets growing SRT market

    Axa Investment Managers has launched its eighth investment fund focused on investments in significant risk transfer securitizations, citing a growing market as more banks enter the sector.

    • 19 Feb 2020
  • Apollo subsidiary Redding Ridge prices new CLO

    Apollo Global Management subsidiary Redding Ridge has priced a $501.5m CLO.

    • 18 Feb 2020
  • CLOs escape cov-lite stricture by borrowing from revolvers

    Although European CLOs have a standard limit on the proportion of covenant-lite loans they buy, the definition of ‘cov-lite’ means that almost every term loan with a revolving credit facility elsewhere in the capital structure remains eligible for purchase by these vehicles.

    • 17 Feb 2020
  • AGL prices $600m CLO transaction

    AGL Credit Management has priced a $602.6m CLO deal, the largest transaction so far in 2020.

    • 13 Feb 2020
  • Loans in Brief: February 13, 2020

    Clearstream short term refi one of 2020's biggest European loans — Nordic Aviation Capital finds $858m fortune in US private placements — Marel finds appetite for sustainability loan — Gerald Group increases dollar revolver — Austrian loan market goes clubbing

    • 13 Feb 2020
  • Turkish regulator mulls reforms to unlock risk transfer market

    Turkey’s Bank Regulation and Supervision Agency is mulling an overhaul to its rules on risk transfer for banks, which could open a new jurisdiction for the synthetic securitization market, and raise marginal capital for the country’s banks.

    • 13 Feb 2020
  • GlobalCapital Syndicated Loan, Leveraged Finance and Private Debt Awards 2019: the full results

    GlobalCapital revealed the winners of its annual Syndicated Loan and Leveraged Finance Awards at its Loan Awards Dinner at London’s Sheraton Grand Hotel on Park Lane on February 11. The Awards included GC's new Private Debt Awards. The full results are below. GlobalCapital congratulates all the winners and nominees.

    • 12 Feb 2020
  • No return seen in euro CLOs for Norinchukin

    Even after the Japanese financial year-end at the end of March, Norinchukin Bank is unlikely to return to the European market as an anchor investor in senior CLO tranches, according to a CLO manager with knowledge of the bank’s approach.

    • 12 Feb 2020
  • Marble Point prices latest CLO transaction

    Connecticut-based CLO manager Marble Point Credit Management has priced a $408m deal via Morgan Stanley.

    • 11 Feb 2020
  • Standard Chartered plans to boost CLO trading operation

    Standard Chartered is looking to build out its CLO trading capabilities in EMEA, and is in the market for a CLO trader, part of the bank’s broader push into European securitized products.

    • 10 Feb 2020
  • Consolidation beginning in private debt as clouds gather

    Reports from Pitchbook and Preqin have found an increased concentration of capital in private debt funds. This is giving larger asset managers a whip hand in dealmaking, while smaller funds struggle to raise and deploy capital, and investors seek the safety of big players ahead of an expected downturn.

    • 10 Feb 2020
  • Santander scores solution for costly undrawn revolver exposures

    Santander has bought credit protection on two portfolios of undrawn revolving credit facilities, taking advantage of a regulatory decision last year to sharply boost the efficiency of the protection. The deal points the way for banks to cut the costs of providing revolvers, which are usually extended as a ‘loss leader’ for a broader banking relationship.

    • 10 Feb 2020
  • CLOs and lev loans at the center of 2020 Fed stress tests

    The Federal Reserve announced plans to stress test bank holdings of leveraged loans and CLOs during a hypothetical recession in its annual evaluation of the health of the 34 largest US banks.

    • 07 Feb 2020
  • First Eagle raises $782m for middle market direct lending

    First Eagle Alternative Credit on Thursday announced that it has raised a $782m middle market direct lending fund, its fourth such investment vehicle to date.

    • 06 Feb 2020
  • People moves in brief: February 7, 2020

    HSBC picks regional bosses ahead of expected restructuring — Mizho goes on fixed income hiring spree — Bank of America appoints head of rates trading

    • 06 Feb 2020
  • EBA plans to clear up risk transfer tests

    The European Banking Authority will be consulting on its approach to risk transfer by the end of the second quarter, with the treatment of excess spread likely to be a crucial topic for issuers and investors in the securitization market.

    • 06 Feb 2020
  • Apollo rolls four CLOs into single massive refi

    Apollo Credit Management priced a $2.14bn CLO on Wednesday, pulling together four older transactions and rolling them into a single refinancing.

    • 05 Feb 2020
  • Fitch shuffles RMBS, CLO ratings heads

    Fitch Ratings on Wednesday announced that it has appointed veterans Kevin Kendra and Derek Miller as head of US RMBS and head of US structured credit, respectively.

    • 05 Feb 2020
  • Sound Point cements rapid euro rise with third deal

    Sound Point Capital has rapidly expanded its euro CLO platform with a third deal in less than 10 months, speeding ahead of last year’s other market debutants — most of which are yet to print a second deal in euros. The credit manager has access to equity investment through a deal with Canada’s CPPIB pension fund, which may have helped its swift growth.

    • 05 Feb 2020
  • Levfin leaves qualms about coronavirus to IG wimps

    Carnage in Chinese stock markets apparently has little read-across to European speculative grade credit. Leveraged loan and high yield markets are still wide open, meaning issuers that can refinance are well advised to do so.

    • 05 Feb 2020
  • LSTA seeks to shed light on ESG in lev loans

    The Loan Syndication and Trading Association this week released a questionnaire for leveraged loan borrowers on their environmental, social and governance policies, seeking to give loan investors more insight into the importance of ESG practices among corporate borrowers.

    • 04 Feb 2020
  • Man GLG scores tighter, shorter triple-A

    Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.

    • 04 Feb 2020
  • Lloyds preps second Syon risk transfer securitization

    Lloyds is working on another risk transfer deal referencing its high loan-to-value mortgage portfolio, following last year’s debut Syon Securities 2019 issue. Mortgage risk transfer deals are almost unheard of outside the US, thanks to the low risk weights usually applied to performing mortgages, making last year’s Lloyds debut a landmark in synthetic securitization.

    • 04 Feb 2020
  • Sound Point woos Deutsche CLO primary head

    Francis McCullough, former managing director and global head of new issue CLOs at Deutsche Bank, has joined Sound Point Capital Management as the firm's global head of CLO capital markets and structuring.

    • 03 Feb 2020