Latest news
Latest news
Refis, resets and new issues all on offer as Five Arrows, Apollo, Neuberger Berman, Ares and Oaktree price deals
European CLO ETFs' total holdings near €2bn
International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth
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New issue CLOs are increasingly selling equity to multiple buyers, leaving no single investor with a majority position — signalling an end to the difficulties of last year, which saw managers without their own equity or committed partners struggle to come to market. -
WhiteStar Asset Management’s expansion into London could include the purchase of an existing CLO platform, according to chief executive Gibran Mahmud. The Texas-based firm, run by the former Highland Capital Management team, announced last week that it had opened a London office headed by executive chairman Gordon Neilly.
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Middle-market CLO issuance is set to accelerate towards the hectic pace set by broadly syndicated loan deal, driven by the large primary backlog and attractive market spreads. Top tiers managers are expected to issue more middle-market (MM) CLOs throughout this year and smaller managers are coming back to the market with their first deals of the year.
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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
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Eagle Point Credit Management has added Sam Yoon to its CLO investment team to assist in CLO debt trading and portfolio management. Yoon will report to Dan Ko, principal and portfolio manager at Eagle Point.
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York Capital's CLO business has struck a strategic deal with Kennedy Lewis, which will see the manager rebranding to become 'Generate Advisors', and Kennedy Lewis commit $200m of equity to the shelf.
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Sources in the CLO market have expressed doubt over the CLO trading platform known as Project Octopus launched last week by Citi and Bank of America, questioning whether the platform will succeed in expanding to a critical mass with enough other banks involved. However, some active in the nascent electronic trading market, such as KopenTech, welcome the venture as an endorsement of their vision.
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WhiteStar Asset Management, the Texas-based credit manager which sponsors the Trinitas CLO shelf, has opened a London office, appointing Gordon Neilly to run it as executive chairman of WhiteStar Asset Management Europe.
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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.
