CLO/CDO - All Articles

  • Z Capital promotes two in CLO investment team

    Z Capital Credit Partners, the credit arm of Z Capital Group, has promoted a CLO portfolio manager in its investment team to managing director.

    • 28 Jul 2021
  • Denmark's Capital Four expands US CLO business

    European CLO managers are growing their presence in the US, lured by tighter spreads and growing demand from investors and running contrary to the previous trend for US managers to plot European expansion.

    • 27 Jul 2021
  • CarVal comes Clean on ESG CLOs

    CarVal Investors has launched a new CLO platform that looks to advance the sophistication of investing along environmental, social and governance lines in US capital markets.

    • 26 Jul 2021
  • Credit Suisse promotes Cronin to global co-head of CLOs

    Credit Suisse has promoted London-based Arun Cronin to be global co-head of CLOs, alongside New York-based co-head Brad Larson, according to people familiar with the matter.

    • 22 Jul 2021
  • Park Avenue returns to the market with first CLO

    Park Avenue Institutional Advisers, a subsidiary of the Guardian Life Insurance Company of America, has returned to the market with its first CLO of the year. It is the latest in what has been a record number of issuers in the market in a single year and there is no sign of any let-up in activity.

    • 22 Jul 2021
  • CarVal and Gryphon create $1bn multifamily bridge loan venture

    Non-bank lenders are taking advantage of cash-squeezed properties scrambling for finance with CarVal Investors and Gryphon Real Estate Capital Partners forming a $1bn joint venture to originate multifamily senior bridge loans.

    • 21 Jul 2021
  • Sound Point joins CLO repricing wave

    CLO issuers are flooding the market with repricings of old deals to lower their cost of financing. Sound Point Capital is the latest manager to have partially refinanced a 2019 CLO, slashing the spread on the senior notes by 29bp.

    • 20 Jul 2021
  • European CLOs begin to tier as investor base decreases

    Investors in triple-A rated European CLOs are using their pricing power to discern between trades, causing some deals to be priced more tightly than the recent trend of spreads widening towards 100bp, while other paper has had to offer spreads even cheaper than this.

    • 19 Jul 2021
  • Redding Ridge hires Alcentra PM

    Apollo subsidiary Redding Ridge has hired Tom Frangione from Alcentra as it grows its assets under management and the number of CLOs it runs.

    • 19 Jul 2021
  • Liquidity surge drives middle-market CLO boom

    A flood of capital into certain corporate borrowers and a greater number of investors hunting for yield is fuelling a rise in middle-market CLO issuance, with the sector set to expand this year and take up a bigger portion of overall US CLO volume. Investors and managers more used to broadly syndicated loan deals are turning to the sector but a lack of transparency and the private nature of the underlying borrowers remain hurdles to its growth.

    • 15 Jul 2021
  • Capital Four's US team adds three in CLOs and high yield

    Danish credit investor Capital Four has made three additions to its CLO and high yield business in the US.

    • 14 Jul 2021
  • Mizuho hires CLO specialist from BMO

    Japanese bank Mizuho has hired CLO specialist Nate Weber from Bank of Montreal Capital Markets as a managing director in its asset backed trading department.

    • 13 Jul 2021
  • Pacific Asset Management prices first CLO in 18 months

    Pacific Asset Management has returned to the CLO market, pricing its first new issue of 2021 after 18 months away.

    • 13 Jul 2021
  • Sancus boss on moving from buyer to manager in a booming CLO market

    So far, despite the constant market chatter, consolidation among CLO managers has yet to occur. Instead, new firms are popping up as buyer demand rises in the hunt for yield. That has included Sancus Capital Management, which arranged its first deal recently having spent eight years as an investor in CLO equity and mezzanine paper.

    • 12 Jul 2021
  • CLO reset spreads widen after volume boom

    Spreads on triple-A rated CLO resets in euros are widening after heavy supply in the first half of 2021, with senior spreads on new issue CLOs hovering in the mid-90bp area.

    • 12 Jul 2021
  • Orchard snags CLO portfolio manager from Deutsche Bank

    Orchard Global Asset Management has hired Rachit Prasad as a portfolio manager for its CLO team. Prasad will join after an 11 year stint as an ABS research analyst at Deutsche Bank.

    • 08 Jul 2021
  • Tighter spreads open doors to more CLO refis and resets

    More managers are taking advantages of tighter spreads to refinance or reset older CLOs. Carlyle and KKR have lowered the liability costs of deals issued, respectively, in 2017 and 2019. As the cashflow distributions in July begin, the market will receive another infusion of deals as some CLOs, based on their indentures, are callable on their payment dates.

    • 07 Jul 2021
  • Medalist takes full control of CLO manager ahead of first ESG CLO

    Medalist Partners has accelerated the purchase of the remainder of CLO platform Medalist Corporate Finance, formerly known JMP Credit Advisors, given investors' hunger for the product. The firm is set to launch its first ESG CLO in October.

    • 06 Jul 2021
  • CLO warehouse mania paves way for record issuance

    Positive momentum on liability spreads and attractive equity arbitrage are driving a boom in new CLO warehouse formation, with banks competing to offer better conditions. With perhaps 200 facilities active, the blistering pace of CLO formation is set to continue later in the year.

    • 01 Jul 2021