CLOs

  • CLOs deserve a fair trial

    CLOs deserve a fair trial

    Collateralised loan obligations (CLOs) are on trial with regulators and central banks around the world, standing accused of being the financial instrument most likely to cause the next financial crisis. The prosecution, however, needs to look at the the facts.

  • ‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat

    ‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat

    CLO managers are hoping to avoid a repeat of the ugly end to 2018, with some credit buyers opting to sit on their hands and wait out what is expected to be a period of thin liquidity and shaky sentiment. Despite a spate of nervousness and some late-cycle behaviour, however, underlying metrics in the market still look mostly sound, according to Steve Vaccaro, chief executive of CIFC, one of the largest CLO issuers.

  • Principal losses loom for risk transfer buyers after accounting wrinkle

    Principal losses loom for risk transfer buyers after accounting wrinkle

    European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.

  • GlobalCapital’s Loan Awards poll closes on Friday!

    GlobalCapital’s Loan Awards poll closes on Friday!

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2019 will close on Friday. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2019. We remind you that an institution cannot win a category it hasn't voted on.

  • CVC prices Cordatus European CLO via DB

    CVC prices Cordatus European CLO via DB

    CVC Credit Partners has tapped Deutsche Bank to arrange its latest CLO, as new issuance takes center stage again amid the drop in European CLO refinancings.

  • Be-Spoke Capital takes second run at Spanish SME CLO

    Be-Spoke Capital takes second run at Spanish SME CLO

    Be-Spoke Capital has mandated NatWest Markets and JP Morgan for Alhambra SME Funding 2019-1, a year after market volatility in the fourth quarter of 2018 led the issuer to shelve its first attempt at the securitization.