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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years. -
Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.
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Swedish debt purchaser Intrum is in the market with a tap of its 4.875% 2025 unsecured notes, issued in July, intending to use the funds to part-pay its revolving credit facility. The starting size of the tap is €200m but the company has €746m outstanding on its RCF so could easily look to increase the deal size if it receives strong demand.
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Times China Holdings raised $350m from a 5.5 year bond on Tuesday as a way to get ahead of its 2021 dollar maturities.
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London-based SCIO Capital has announced that structured credit veteran Oliver Wriedt has joined the company as a strategic advisor.
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The worst of the pandemic may be behind the CLO market, both in the US and Europe, and optimism is growing as the sector moves towards the fourth quarter. However, speaking in a market update during Global ABS on Tuesday, panellists said some important changes to the market that emerged in the last few months may be here to stay.
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