MDB hybrid capital 101, whale sightings in CLOs, aircraft ABS on final approach
◆ Deep dive into new SSA asset class ◆ What the possible return of NoChu means for Europe's CLO market ◆ US market braces for aircraft ABS revival
The African Development Bank is at the forefront of the biggest development in SSA debt issuance in years. It will likely price the first hybrid deal from such an issuer in the coming weeks and months. We examine why it is doing so, how the deal will work, who will buy it and what it will achieve.
Meanwhile, Norinchukin Bank might just be back buying CLOs again. It was the biggest buyer of the product by far until a couple of years ago when regulations forced it to back down. But as evidence mounts that the so-called "CLO whale" is back in European waters, we delve into what that means not just for that market but beyond, as far as Europe's leveraged loan market.
Finally, aircraft ABS have been on a tear in the US market. That has some insiders excited about the prospect of an issuance revival, following years of very little thanks to the ravages of the pandemic and the invasion of Ukraine on the aviation industry. But as more people take to the skies, we look at the prospects for new ABS.