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GC Asia
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Garrison sells three CLO management contracts to Anchorage
Garrison Investment Group has sold three broadly syndicated loan CLO management contracts to Anchorage Capital Group, according to sources familiar with the matter.
31 Mar 2020 -
S&P adds 15 deals to list of at risk CLOs
S&P Global Ratings placed another 15 CLOs on ratings watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.
30 Mar 2020 -
ABS secondary disappointed with lost ECB appetite
The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
30 Mar 2020 -
Why senior CLO paper is so cheap
European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed.
27 Mar 2020 -
Banks intensify margin calls for CLO warehouses
Banks have started sending CLO managers notice to post more collateral against open warehouses after prices of the underlying leveraged loans dropped steeply to an average of about 76 cents this week, according to market sources.
26 Mar 2020 -
People moves in brief
Amine leaves Credit Suisse — CIFC picks new research head
26 Mar 2020 -
Ex-IBCM head Amine leaves Credit Suisse
James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.
25 Mar 2020 -
CLO managers expect virus crisis to spur wave of consolidation
CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers.
24 Mar 2020 -
S&P puts 15 energy-heavy CLOs on negative watch
S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
23 Mar 2020 -
Credit specialist CIFC names new head of research
Alternative credit specialist CIFC has hired David Walker as head of research.
23 Mar 2020
