CLOs

  • AlbaCore European debut breaks another record

    AlbaCore European debut breaks another record

    First time CLO issuers in Europe are seeing little to no premium on their market debuts, with AlbaCore’s market debut pricing its senior notes inside Investcorp’s 24th deal and the second issue from MacKay Shields. This follows strong debuts from CBAM Europe and BlueBay, which also printed inside or in line with more established issuers — though lower leverage may have helped.

    29 Jun 2020
  • Carnival shores up rescue loan at last

    Carnival shores up rescue loan at last

    Carnival Corporation, the world's largest cruise line, finally secured a dual currency leveraged loan on Friday, following its bond sale in April. The deal is expected to provide a financial lifeline for the company, which has been hard hit by the economic effects of the coronavirus pandemic.

    26 Jun 2020
  • US CLO primary hits $14bn since outbreak

    US CLO primary hits $14bn since outbreak

    BlueMountain Capital Management, Benefit Street Partners and Western Asset Management are the latest managers to tap the CLO primary market, bringing new issuance to $14bn since the market reopened in early April.

    23 Jun 2020
  • Ardonagh raises largest ever unitranche in unique buyout package

    Ardonagh raises largest ever unitranche in unique buyout package

    Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.

    23 Jun 2020