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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
Other direct lenders in Europe are keen to follow in the manager’s footsteps
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Apollo subsidiary Redding Ridge has hired Tom Frangione from Alcentra as it grows its assets under management and the number of CLOs it runs. -
A flood of capital into certain corporate borrowers and a greater number of investors hunting for yield is fuelling a rise in middle-market CLO issuance, with the sector set to expand this year and take up a bigger portion of overall US CLO volume. Investors and managers more used to broadly syndicated loan deals are turning to the sector but a lack of transparency and the private nature of the underlying borrowers remain hurdles to its growth.
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Danish credit investor Capital Four has made three additions to its CLO and high yield business in the US.
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Japanese bank Mizuho has hired CLO specialist Nate Weber from Bank of Montreal Capital Markets as a managing director in its asset backed trading department.
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Pacific Asset Management has returned to the CLO market, pricing its first new issue of 2021 after 18 months away.
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So far, despite the constant market chatter, consolidation among CLO managers has yet to occur. Instead, new firms are popping up as buyer demand rises in the hunt for yield. That has included Sancus Capital Management, which arranged its first deal recently having spent eight years as an investor in CLO equity and mezzanine paper.
