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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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As the CLO market enters the end of the summer, managers are getting ready to restart activity after Labor Day. But they are concerned about a potential wave of negative actions from rating agencies. -
Palmer Square Capital Management has announced its debut CLO in Europe, mandating JP Morgan for a rare static CLO, a deal structure not commonly seen in Europe.
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US CLO managers are working through a backlog of warehouses opened before the Covid-19 pandemic by splitting the facilities in half to buy back some equity and issue new deals. While in Europe, managers are tweaking deal documentation in preparation for new transactions.
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Casino developer Wynn Macau has made a rapid return to the bond market for an $850m deal, riding on an uplift in sentiment following the slow easing of travel restrictions to the Asian gambling hub.
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Standard & Poor’s expects the European default rate to climb to the highest level seen since the fallout from the last financial crisis.
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European CLO secondary trading activity has surpassed 2019’s full-year volumes, following a spurt of CLO tranche trading when spreads widened out in March.
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