Latest news
Latest news
◆ CLO ETFs excite Europeans ◆ Santander prices huge German securitization
Rejecting CLO ETFs out of concern for retail investors is hypocritical
Lawyers and managers are working to overcome hurdles in Europe as US ETFs start anchoring primary deals
More articles
More articles
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As the spread discount for refis narrows, managers are likely to head straight for the reset
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The manager increased the deal size as triple-A spreads show resilience, but mezz widens amid volatility
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Resets and refis dominate the pipeline but managers struggle to push below 150bp
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◆ Euro CLO deals galore ◆ US CLO deals galore ◆ Green CMBS downgraded
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Structural protections should keep defaults and downgrades low amid geopolitical and macro risks
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Primary spreads have so far withstood geopolitical risk and borrower concerns, but the balance is shaking
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Unclear if manager can take market along for the ride
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The manager’s first new issue since 2022 was priced tight across the stack
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Investment grade tranches priced tightly but mezzanine notes came wide
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Even a small tightening could unlock huge dealflows, but investors appear to push back amidst a wave of issuance
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Secondary market has been strong throughout 2024, according to KopenTech data
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◆ UK RMBS tightening ◆ Troublesome triple-C buckets ◆ George's marvellous microphone
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Approach to credit monitoring matters more than triple-C bucket size as market vulnerability is expected to drive manager tiering
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Total of six transactions priced on Tuesday but further tightening unlikely
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European CLO debt index will be the first benchmark provided by a manager
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◆ Run of second charge mortgages ◆ CLO market runs to stay in place ◆ Greater expectations
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Bank researchers expect second-busiest year ever while BofA told GlobalCapital it will stick with the initial figure for now