Latest news
Latest news
The EC’s response is changing widespread and long-standing CLO market practice
SRT and ABS appear to be the focus of efforts to revitalise securitization in Europe
Response on EBA website to a 2021 question blocks conditional sale agreements
More articles
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New Mountain Capital and Sixth Street Partners took advantage of stabilised market conditions to each price their inaugural CLOs this week. -
Pre-Covid CLO structures are making a gradual comeback as managers rush to market ahead of the election, with a deal from New York Life Investment Management arranged by Jefferies priced with a traditional five year reinvestment period.
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New York-based Churchill Asset Management, an investment specialist affiliate of Nuveen, has hired Kelli Marti as managing director and CLO portfolio manager to boost the firm’s middle-market CLO business.
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A rare environmental, social and governance (ESG) themed CLO was priced this month by Palmer Square Capital Management, setting the tone for the still-early days of ESG securitization in the US and hinting at bigger things to come for socially responsible CLOs.
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As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.
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The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio.
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A CLO managed by Seix Investment Advisors that was to be repriced through an online auction this week did not hit the desired levels to reset the spreads on the bonds.
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Leveraged loan liquidity in the European market has improved this year, with two-way flows resuming rapidly after the spring nadir of the Covid-19 crisis, and sufficient market depth to shift large portfolios. CLO managers are taking advantage, speeding up their time to market and time to ramp deals.
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Spreads on triple-A CLO bonds have tightened to a new Covid-era low, with Oak Hill Advisors pricing a $458m deal at 125bp over three month Libor.
