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GC Asia
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Gulf Stream revives with first post-crisis CLO
Gulf Stream Asset Management has returned to the CLO market with its first deal since the financial crisis, selling senior bonds at 137bp over three month Libor on Tuesday.
28 Jan 2020 -
CIFC hires US high yield team from Millennium
Alternative asset management firm CIFC has hired a team from Millennium Management to build out its high yield business, as the firm continues to expand the products on offer from its starting point of leveraged loan investments.
28 Jan 2020 -
Potential loan repricing wave puts key CLO metric at risk
CLOs are running the risk of failing a key quality test as the market faces a potential wave of leveraged loan refinancings, according to analysts at JP Morgan in a report published this week.
27 Jan 2020 -
BofA promotes two CLO traders to managing director
Bank of America has promoted CLO traders Ricardo Arguello and Tim Murtha to managing director in New York.
24 Jan 2020 -
Pair of CLOs bring senior spreads to tightest level since November
Managers priced two CLOs on Thursday, selling the senior bonds at the tightest spread seen since November as 2020 kicks off with a rally in triple-A paper.
23 Jan 2020 -
Bonds back on top as Techem changes tack
High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies. This week, Techem tweaked its loan repricing to add a heavy bond slug and take advantage of near-record low coupons on offer. That sets 2020 up with a very different tone from the past two years, when an ever-growing CLO market meant bonds struggled to compete with loans, writes Owen Sanderson.
23 Jan 2020 -
CLO market eagerly awaits first ever AMR auction
The CLO market will be closely watching next week as the first re-pricing of a deal with an applicable margin reset (AMR) feature takes place using an auction. It is a crucial first test of the viability of the alternative CLO re-pricing mechanism, said market participants.
22 Jan 2020 -
New issue slow to build, but managers price burst of CLO refis and resets
A wave of CLO refinancings and resets rolled in this week, fueled by tightening spreads on triple-A paper, with sources expecting the trend to continue alongside a slowly building new issue pipeline.
16 Jan 2020 -
Loan repricing accelerates but can CLOs keep up?
Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised. That is putting pressure on CLO managers and equity holders, whose liabilities are tightening too, but more slowly, blocking repricing of the bonds and squeezing returns, write Owen Sanderson and Tom Brown.
16 Jan 2020 -
Nouryon, Fluidra continue repricing trend in leveraged loans
Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.
15 Jan 2020
CLOs
Latest securitization news
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Rare sterling supply as Together preps HY refi
Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers.
05.00 PM -
Cerberus adds Citi to Towd Point JLM list, boosts size of senior tranche
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Gulf Stream revives with first post-crisis CLO
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FICO updates in bid to keep up with shifting consumer lending landscape
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Insurers set to miss mezz opportunity as Solvency II revamp slams shut
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CIFC hires US high yield team from Millennium
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Restaurant chain brings upsized whole biz ABS on blockchain
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Potential loan repricing wave puts key CLO metric at risk
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Kensington, Close Brothers bring sterling deals as spreads tighten
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River Green CMBS takes ‘first step’ toward greener European structured finance market
