CLOs

  • CIFC hires US high yield team from Millennium

    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.

  • Bonds back on top as Techem changes tack

    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.

  • CLO market eagerly awaits first ever AMR auction

    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.

  • Loan repricing accelerates but can CLOs keep up?

    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.

  • Nouryon, Fluidra continue repricing trend in leveraged loans

    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.