Latest CLO/CDO news
CLO volumes look set to finish 2017 well above 2016 levels and should grow again in 2018, according to analysts. Strong demand, particularly at the mezzanine level, is likely to anchor spreads near their currently tight levels.
Pharmaceutical company Valeant took advantage of strong conditions in the US high yield market on Monday as it issued a bigger than expected $1.5bn eight year senior note to refinance $1bn of debt due 2020.
The announcement from CVS Health that it would acquire healthcare insurer Aetna is set to result in a flood of debt in the US leveraged finance market, with the firm looking to raise around $45bn of new paper to support the $77bn deal.
Raiffeisen Bank International has securitized a €1.2bn portfolio of corporate and project finance loans from its Slovak subsidiary, Tatra banka, in what it believes is the first ever securitization of Slovak assets.
At JP Morgan’s fixed income markets 2018 outlook conference in New York on Tuesday, investors were advised to move into more defensive positions, with macro factors expected to weigh on credit next year.
Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.
With three weeks in the year still to go, US securitization volume has reached a post-crisis high of $474bn, according to S&P Global Ratings.
NatWest has taken advantage of robust market conditions and improved its capital position with a synthetic securitization of loans called Nightingale 2017-1.
Investors pulled $6.8bn from US high yield mutual funds last week, but spreads ended last week unchanged and a busy line-up of issuers have crowded the primary deal pipeline.
Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- Cleveland Fed responds to P2P research criticism
- OnDeck grows finance team with balance sheet experts
- Green ABS ripens with PACE secondary growth
- No recession ahead, but expect rate hikes, says BAML
- CFPB turmoil could unravel Cordray-era protections
Promoted By CGIF
Promoted By Commerzbank
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Most Viewed: Securitization
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||7,026||25||11.95|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||99,935.46||287||10.78%|
|3||Wells Fargo Securities||88,155.55||263||9.51%|