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GC Asia
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CLO market set for pause to digest oversupply
The CLO market is expected to take a pause after the oversupply of the first months of the year, allowing investors to digest the unprecedented volume of new issue, refi and reset, and giving much needed breathing space to market participants. Managers, sources say, are in less of a rush to lock in tight spreads, as the market is considered healthy and more stable in the medium term.
06.45 PM -
CLO equity distributions back to pre-Covid levels, BofA said
The CLO market is putting the pandemic behind it, with equity distributions at almost pre-Covid time and structures back to the standard of early 2020.
20 Apr 2021 -
BlueBay hires CLO portfolio manager from Challenger
BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.
20 Apr 2021 -
Shenkman returns to CLO mart after 2020 absence
Shenkman Capital has returned to the CLO market after skipping issuance during 2020, pricing a deal named Romark CLO IV through its affiliate Romark Credit Advisors.
19 Apr 2021 -
Lower default rate boosts CLO credit quality
The credit quality of CLOs has strongly improved since April 2020, with default rates and watchlist exposure falling rapidly, Fitch said this week.
15 Apr 2021 -
CLO pipeline remains robust, shrugs off April payments pause
A flurry of deals is expected to hit the CLO market with managers, such as Sculptor, MJX, First Eagle and Carlyle, among others, set to issue new deals or reprice legacy deals.
14 Apr 2021 -
NoChu return could be hampered by tough stips
CLO managers once happily sold huge volumes of triple-A securities to NorinChukin, sucking up the Japanese bank’s terms in return for a reliable anchor order which locked in their senior notes ahead of public syndication. The bank has been slowly running down its portfolio since it was forced to stop buying by its regulator, but if it comes back, it might find managers keen to preserve their flexibility and place their bonds elsewhere.
14 Apr 2021 -
CLO reissues resurface with Canyon
Alongside the rush of refi and reset activity, a third form of CLO refinancing is once again emerging, with Canyon Capital choosing to reissue a 2015 CLO as a new $420m deal called Canyon CLO 2021-2.
13 Apr 2021 -
Head of US CLO syndication leaves Deutsche Bank
Head of US CLO new issue syndication David Ryan has left Deutsche Bank after 17 years working at the bank.
12 Apr 2021 -
Pension funds eye riskier CLO tranches
A growing number of pension funds are turning their attention to the riskier part of the CLO capital stack in search of extra yields, attracted by the risk-adjusted returns offered by CLO equity and mezz, compared with other fixed income asset classes.
08 Apr 2021
CLO/CDO
