Equity buyers push CLO refis over new issues
Third party CLO equity investors are a driving force behind the wave of CLO refinancings at the expense of new issuance, as pricey leveraged loans make returns on new deal equity less attractive.
The refinancing market has boomed in the first month of the year, and is set to continue if investors at the bottom of the capital stack have their way.While the commonly referred to narrative has been that managers do not want to ramp deals while pricey leveraged ...
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