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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. -
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.
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Spreads on triple-A rated CLO resets in euros are widening after heavy supply in the first half of 2021, with senior spreads on new issue CLOs hovering in the mid-90bp area.
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Orchard Global Asset Management has hired Rachit Prasad as a portfolio manager for its CLO team. Prasad will join after an 11 year stint as an ABS research analyst at Deutsche Bank.
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More managers are taking advantages of tighter spreads to refinance or reset older CLOs. Carlyle and KKR have lowered the liability costs of deals issued, respectively, in 2017 and 2019. As the cashflow distributions in July begin, the market will receive another infusion of deals as some CLOs, based on their indentures, are callable on their payment dates.
