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Claim that fees put off institutional investors denied
Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
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CLO equity is still a scarce commodity, despite better than expected performances from the asset class this year in the face of the pandemic. Some investment firms are said to be raising CLO equity funds, but others suggest it remains hard going, and managers with captive funds will remain in charge. -
Market euphoria following news of Pfizer’s potential Covid vaccine created a perfect window for lead banks Barclays and Jefferies to sell out of a bridge loan for UK fitness chain PureGym, which they had held since underwriting it in January — one of the last pre-Covid acquisition loans yet to come to market.
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Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.
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A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.
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A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.
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The fractious final phase of the presidential election has suspended CLO issuance since October 30. New issuance is expected to resume at steady pace through to the end of the year, but CLO managers say they are concerned about a new wave of defaults as the economy limps into 2021.
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