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US, European CLO markets take downturn fears in their stride
The CLO is one of the more transatlantic sectors in securitization, and has grown more so in the past year as US managers make new inroads in Europe. However, both markets grapple with unique issues. In the US, a rocky corporate credit landscape has put the fear of widespread downgrades front and centre, while in Europe, the space is getting crowded and competition for collateral and persistent negative rates weigh on the sector. Both markets in 2020 are headed for an inflection point. Max Adams and Tom Brown report
13 Dec 2019 -
High demand for euro CLO collateral fuels US loan recycling
The amount of exposure to US loan collateral in European CLOs has climbed to as high as 30% for some newly issued deals, as newer managers “recycle” US collateral into euro transactions.
12 Dec 2019 -
People moves in brief
Barclays’ head of corporate broking leaves — ESG finance academic joins Barings — Morgan Stanley ratings banker heads for exit
12 Dec 2019 -
Percentage of single-B minus tech loans hits highest point in four years, says S&P
The percentage of single-B minus rated loans from technology issuers has reached the highest point in the last four years, according to S&P Global Ratings.
11 Dec 2019 -
First Eagle to acquire CLO manager THL Credit Advisors
First Eagle Investment Management will acquire THL Credit Advisors, a credit investment and CLO management firm headquartered in Boston which has approximately $17bn in assets.
09 Dec 2019 -
Cairn snares pair of senior CLO credit analysts
Cairn Capital announced a pair of hires at the end of last week, appointing José Ferrero and Vihren Jordanov as senior credit analysts.
09 Dec 2019 -
Go ‘overweight’ in CLOs next year, says BofA
Market participants should take advantage of any spread widening in CLOs between now and year end, said Bank of America research analysts, as they predict that bonds throughout the capital stack will rally in 2020.
04 Dec 2019 -
CIFC prices sixth US CLO of 2019
CIFC Asset Management has priced its sixth US CLO of 2019, bringing the manager’s new issuance volume for the year to over $3bn.
02 Dec 2019 -
Alt credit specialist hires GSO exec for lead role
Alternative credit investment manager Kennedy Lewis Investment Management has hired the head of capital markets at Blackstone’s GSO Capital Partners as partner and president.
02 Dec 2019 -
People moves in brief
28 Nov 2019
