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GC Asia
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CLO performance gap opens between primary and secondary
A gap in tranche performance has opened up between the secondary and primary market for triple-A rated CLO notes in euros, after rapid selling of double-B and triple-B rated notes forced spread compression off the back of worsening macro conditions and end-of-quarter capital requirements.
28 Sep 2020 -
Use of blocker subsidiaries to blunt tax impact increases in CLOs
Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.
24 Sep 2020 -
Investcorp announces rapidly ramped CLO with BNPP
BNP Paribas has announced Harvest CLO XXV for Investcorp Credit Management, the second post-Covid CLO issue for the manager. Though its 45% ramping is lower than usual for a new CLO, this allowed the manager to build the portfolio from August, in full knowledge of second quarter figures for the underlying companies.
24 Sep 2020 -
CLO managers see narrow pricing window before November election
The CLO market is expected to enter a frenzied period of deal activity heading into the fourth quarter, as managers look to get deals done in the narrow window before the US presidential election on November 3.
22 Sep 2020 -
CLO investors line up for new AMR repricing auction
A CLO managed by Seix Investment Advisors will be repriced through an applicable margin reset (AMR) this month, with investors set to submit bids in an online auction that will take place on September 29.
21 Sep 2020 -
CLO forecasts revised upward as primary flow picks up
Bank analysts have revised their forecasts for new CLO issuance in 2020, pushing forecasts higher compared to earlier this year when markets were first hammered by Covid.
17 Sep 2020 -
Credit Suisse launches private credit venture
Credit Suisse has teamed up with its biggest shareholder to launch a private credit lending platform, bringing to fruition a plan that been beset by delays and high profile departures.
17 Sep 2020 -
Credit Suisse snares CLO veteran from Natixis
Credit Suisse has hired Dimitris Papadopoulos as a managing director from Natixis to run origination and syndication of CLOs in EMEA.
17 Sep 2020 -
Euro CLOs' most sold loan is Swissport
Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.
17 Sep 2020 -
First Eagle prices CLO with pre-Covid reinvestment period
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.
16 Sep 2020
CLO/CDO
