CLO/CDO - All Articles

  • CLO managers see narrow pricing window before November election

    The CLO market is expected to enter a frenzied period of deal activity heading into the fourth quarter, as managers look to get deals done in the narrow window before the US presidential election on November 3.

    • 22 Sep 2020
  • CLO investors line up for new AMR repricing auction

    A CLO managed by Seix Investment Advisors will be repriced through an applicable margin reset (AMR) this month, with investors set to submit bids in an online auction that will take place on September 29.

    • 21 Sep 2020
  • CLO forecasts revised upward as primary flow picks up

    Bank analysts have revised their forecasts for new CLO issuance in 2020, pushing forecasts higher compared to earlier this year when markets were first hammered by Covid.

    • 17 Sep 2020
  • Credit Suisse launches private credit venture

    Credit Suisse has teamed up with its biggest shareholder to launch a private credit lending platform, bringing to fruition a plan that been beset by delays and high profile departures.

    • 17 Sep 2020
  • Credit Suisse snares CLO veteran from Natixis

    Credit Suisse has hired Dimitris Papadopoulos as a managing director from Natixis to run origination and syndication of CLOs in EMEA.

    • 17 Sep 2020
  • Euro CLOs' most sold loan is Swissport

    Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.

    • 17 Sep 2020
  • First Eagle prices CLO with pre-Covid reinvestment period

    First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.

    • 16 Sep 2020
  • Investcorp taps Moffitt as co-head of US credit

    Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.

    • 16 Sep 2020
  • Wriedt joins SCIO Capital as strategic advisor

    London-based SCIO Capital has announced that structured credit veteran Oliver Wriedt has joined the company as a strategic advisor.

    • 15 Sep 2020
  • CLOs move forward but lasting change predicted

    The worst of the pandemic may be behind the CLO market, both in the US and Europe, and optimism is growing as the sector moves towards the fourth quarter. However, speaking in a market update during Global ABS on Tuesday, panellists said some important changes to the market that emerged in the last few months may be here to stay.

    • 15 Sep 2020
  • Securitization market steps up to fund UK SME scheme

    Several lenders have raised funding for the UK’s coronavirus loan scheme for SMEs through the securitization market, with Barclays emerging as the leading bank for the asset class.

    • 15 Sep 2020
  • CVC targets new senior tight with European CLO

    CVC Credit is marketing a new European CLO, CVC Cordatus XVIII, via Deutsche Bank, with initial price thoughts targeting a new Covid-19 era tight at 120bp-125bp. At the tight end of the range, this spread would be in line with Credit Suisse Asset Management’s Madison Park XV, which was issued in mid-March, just before the wrenching sell-off slammed the market window shut.

    • 15 Sep 2020
  • Managers condense, split CLO warehouse to deal with Covid stress

    Faced with a difficult leveraged loan market and volatility in CLO debt spreads, managers through the Covid crisis have often shortened the duration or split their warehouses to deal with the stress brought on by the pandemic, according to a study from Maples Group.

    • 14 Sep 2020
  • Fair Oaks mandates Barclays for ‘print and sprint’ euro CLO

    Fair Oaks Capital has adopted an unusual ‘print and sprint’ approach to its third European CLO, mandating Barclays to launch the €350m deal entirely without a pre-existing warehouse.

    • 14 Sep 2020
  • Senior spreads grind tighter with latest CLO from CIFC

    Spreads on primary triple-A CLO paper have tightened to a new Covid-era low this week, with CIFC Asset Management pricing via Citigroup a $498.8m CLO at 135bps over Libor.

    • 10 Sep 2020
  • People news in brief

    Wartchow heads to Pemberton — Barclays names permanent equities heads — Bonilla joins Kartesia

    • 10 Sep 2020
  • KKR CLO preps market for busy September calendar

    KKR priced a $450.75m CLO arranged by Credit Suisse this week, setting the stage for what CLO players expect to be a busy September for new issuance.

    • 09 Sep 2020
  • Ellington pair anchor Nassau’s new euro CLO shop

    Connecticut-based Nassau Corporate Credit is starting a European CLO operation led by former Ellington portfolio managers Paul Meloche and Hekeani Mathieu. The new business will buy CLO liabilities from third parties as well as running its own CLOs.

    • 09 Sep 2020
  • Nassau hires business development chief from Seix

    Nassau Asset Management has hired Michael Tamasco to oversee global business development, enhance client engagement and expand the firm’s third-party asset management platform.

    • 08 Sep 2020
  • Kartesia hires ex-BNP Paribas structurer to boost CLO team

    Kartesia has hired Lizeth Bonilla to join its structured credit team, expanding the firm’s CLO investment capabilities.

    • 07 Sep 2020