US CLO managers push refis as primary stalls

By Sam Kerr
30 Jan 2017

US CLO managers are refinancing a glut of vintage deals as they take advantage of growing demand to shave liability costs off older transactions at the expense of the primary market.

Only two new issue deals have been priced so far this year, while issuers refinanced more than a dozen older transactions in January.

Steele Creek Investment Management and Ares Management refinanced deals last week, with both managers pricing the bonds at tighter spreads than the original issuance.

The new ...

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