Latest CLO news

• Voya readies second European CLO deal

  

  Voya Alternative Asset Management is preparing to issue a €354.32m CLO via Citi, the US manager’s second European CLO since setting up shop in Europe.

  • 04:45 PM

• Barings BDC readies static CLO in pivot back to middle market

  

  Bank of America Merrill Lynch is marketing a static CLO for Barings Business Development Company, a subsidiary of the North Carolina-based asset manager, as the sponsor looks to move away from broadly syndicated loans back towards lending into the middle market.

  • 24 Apr 2019

• Japanese CLO holdings back in focus as bank earnings loom

  

  While Japanese regulators opted for “reg-lite” when determining that CLO holdings did not pose a substantial systemic risk to its domestic banking sector, an opposition to risky overseas investment among Japanese politicians is growing as more cracks begin to show in the nation’s 'zombified' banking sector.

  • 22 Apr 2019

• Fair Oaks targets ESG principles for debut European CLO

  

  Fair Oaks Capital is planning to launch its debut European CLO this quarter, with deal documentation structured to comply with ‘environmental, social and governance’ (ESG) principles.

  • 17 Apr 2019

• Trinitas opts for CLO refi over reset

  

  A CLO reset caught in the crossfire while fourth quarter rates volatility ushered havoc into fixed income markets has at last been refinanced via arranger Natixis, which priced the deal earlier in the week.

  • 16 Apr 2019

• Full plate for Nochu drives managers to pre-crisis deal structures

  

  CLO anchor investor Norinchukin Bank is said to be looking at a full calendar of deals in the next two months, leaving some managers not on the Japanese bank’s list planning to revive structures not seen since before the last crisis in a bid to drum up interest and improve the arbitrage function of their CLOs.

  • 16 Apr 2019

• Voya, KKR CLOs best evaded post-crisis loan defaults

  

  In an analysis of CLO managers’ holdings of distressed loans since the financial crisis, a team of analysts at JP Morgan found that Voya and KKR were the top managers for selling loans that later became distressed at the highest spread versus their eventual recovery price.

  • 15 Apr 2019

• S&P to ease CLO and CDO ratings methodology

  

  S&P Global Ratings has announced that it intends to recalibrate its CLO ratings tools to better account for years of performance data that show the firm’s models predicted more defaults than have occurred across CLO and CDO asset classes.

  • 15 Apr 2019

• Expected recovery rates for US lev loans fell in 2018

  

  A study released by Fitch Ratings on Thursday showed that first-lien leverage ratios rose by a half-multiple between 2017 and 2018, a factor which the ratings agency said would reduce recovery rates in the event of a distress scenario.

  • 11 Apr 2019

• Firm loan market looks ahead as LBOs line up

  European leveraged finance loan investors are undersupplied. But this is unlikely to last for too long, as several buyouts are making their way towards the market. Banks are lining up financings to support auctions for Nestlé Skin Health, VFS Global and Elior Concessions, while the takeovers of Scout24 and RPC are nearing.

  • 11 Apr 2019

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