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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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The confidence gleaned from a record year of US collateralized loan obligation (CLO) issuance in 2014 has clearly been carried into 2015. Some market participants at ABS Vegas predict the asset class will shrug off concerns over energy sector exposures and attract more equity buyers.
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Goldman Sachs is marketing senior notes in Pramerica’s Dryden 35 Euro CLO at 130bp, tighter than the 135bp level pegged for Deutsche for price thoughts on Spire Partner’s Aurium CLO I, but in line with Carlyle’s market-opening trade last week.
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Books are open on Spire Partners’ debut European CLO, with initial price thoughts 5bp wider than where Carlyle priced its market-opening Carlyle Global Markets Strategies Europe 2015-1 deal last week.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.