Market flux drives CLO managers to test different structures

By Alexander Saeedy
25 Feb 2019

After the CLO market ground to a halt in December following a retail fund-driven loan market selloff, the primary market has at last sprung back to life, albeit with wider spreads than some issuers grew accustomed to for much of 2018 and with more varying deal structures to get investors in the door.

“It’s nice to see the primary back online again, but the problem we’re seeing is that there’s too much supply,” said one buysider on Tuesday. “Spreads are soft and the market’s not very firm. Dealers are hesitant to take risk at the moment, so we’ve got a wide ...

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