S&P recovery ratings offer hope as Invesco Volckerises

By Will Caiger-Smith
09 Dec 2014

Invesco has agreed to Volckerise one of its 2013 collateralised loan obligations, as well as modifying it to include changes to Standard & Poor’s recovery ratings that could benefit equity investors. The S&P changes could provide a crucial window for Volckerisations as refinancing activity winds down, say market participants.

Invesco has approved a supplemental indenture for its Nomad CLO, priced in February 2013, a person familiar with the matter told GlobalCapital on Tuesday. The modifications come after pressure from a large US bank investor, the person said. Invesco declined to comment.

“Volckerisation deals with those large guys ...

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