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Canny managers may look to buy software and chemicals loans as borrowers’ fortunes improve, despite enduring default risk
Investors apply only 4bp-5bp new manager premium to deal’s triple-A rated notes
Securitization issuers have had one of their busiest periods of the year, but some investors are pushing back on price. Elsewhere, CLO managers hope a wave of new leveraged loans will ease their arbitrage.
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◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
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Manager prints triple-As only 3bp wide of recent CLO new issue tights, but issues single-Bs at a slight discount
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New leveraged loan supply is expected to improve CLO equity returns, but gains could be limited if creation surges
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Triple-A tranches price in line with recent market tights, but single-Bs sell at slight discount
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A Morningstar DBRS rater on how to keep data centre master trusts honest, the first all-electric auto ABS, and the CLO market splitting in two
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New manager premium causes Silver Point's triple-As to price wider than Brigade Capital's
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Pricing on triple-As widens, but spreads tighten across most other tranches
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Deal features bumper triple-A and equity tranches and excludes double-B and single-B rated tranches
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Deal includes a fixed-rate double-A tranche and two triple-A tranches