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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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A rare environmental, social and governance (ESG) themed CLO was priced this month by Palmer Square Capital Management, setting the tone for the still-early days of ESG securitization in the US and hinting at bigger things to come for socially responsible CLOs. -
As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.
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Bank of America has promoted Jeff Tannenbaum, its head of debt capital markets and leveraged finance EMEA, to head of global capital markets for the region.
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The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio.
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A CLO managed by Seix Investment Advisors that was to be repriced through an online auction this week did not hit the desired levels to reset the spreads on the bonds.
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Leveraged loan liquidity in the European market has improved this year, with two-way flows resuming rapidly after the spring nadir of the Covid-19 crisis, and sufficient market depth to shift large portfolios. CLO managers are taking advantage, speeding up their time to market and time to ramp deals.
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