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The number of new managers entering the CLO market has dwindled in 2020 as a result of the pandemic crisis, interrupting years of growth that peaked with an average of 10 new managers a year since 2017. -
Spreads on new issue CLOs moved tighter as BlackRock and GoldenTree Asset Management priced senior bonds at 155bp over three month Libor, scoring the tightest triple-A pricing since March.
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The European CLO summer slowdown is set to persist into autumn as pre-Covid warehouses run dry, and CLO 3.0 structures take time to mature, according to Investcorp, which has closed two euro CLOs in 2020 to bring its total European CLO assets under management to more than €7bn.
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Kansas-based investment manager Palmer Square Capital Management is planning to issue two static CLOs in Europe this year, broadening the reach of a strategy that the manager has had success with in the US.
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Managers are working on a wave of new CLOs to be priced the coming weeks, as conditions in the market continue to improve and stabilize heading into August.
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More US CLO managers are growing their presence in Europe, enticed by a tighter market for the bonds, growing demand from investors and a more contained Covid-19 crisis compared with the US, sources tell GlobalCapital.
