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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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CLO managers have been forced to endure a wave of term loan B repricings from energy sector obligors in the first quarter of the year, as demand for leveraged loans allows borrowers to refinance at more attractive levels.
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Boutique CLO shop Spire Partners is looking to refinance its first CLO, shortly after closing its third deal earlier in March.
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The primary US CLO market is moving in fits and starts in 2017, with managers again pumping the brakes in the last week. But according to JP Morgan research, over 200 legacy CLOs could still be refinanced, giving managers plenty to do in the coming months.
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Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.
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Buyers of CLO mezzanine debt are pushing back against the rapid spread compression seen since since the start of the year, with activity over the past month showing a slowdown in the pace of tightening.
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Looming macro risks and political turmoil could weigh on loan prices, potentially easing the squeeze on CLO equity investors at the bottom of the capital structure, said analysts at Prytania Investment Advisors this week.