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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.
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Standard & Poor’s may have handed bank investors — at loggerheads with CLO equity holders over implementation of the Volcker rule — a powerful advantage after the rating agency tweaked its corporate recovery rating process. But some see it as a thinly veiled attempt to regain market share from Moody’s, writes Will Caiger-Smith.
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Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after preferring Moody’s. What a coincidence.
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CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.
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Alcentra may be next to tackle the primary European CLO market after releasing the structure of its third euro denominated deal of the year, but the manager will be facing tougher conditions than it did for its two previous efforts following a material and sustained widening in issuance spreads on junior tranches.
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Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence…