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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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Returning equity shows the market works properly but CLO managers should protect the downside, SoundPoint's Russell Holliday says -
The product was used lazily, and without understanding its potential
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Equity holders will have to accept lower cash flows with no chance for a call
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Rise in loan prices allows sellers to take home profits while optimistic investors look to add equity risk
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Spreads on split triple-A tranches average to 150.5bp
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Rare feature will allow manager to avoid negative 'cash drag' for equity
