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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PGIM has pushed the market to a new tight by resetting a deal with senior notes at 104bp over three month Libor. -
CLO liability spreads are tightening faster than leveraged loans can reprice, boosting the arbitrage available for managers hitting this window and encouraging others to rush into the market where possible.
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Tikehau Capital has appointed Christoph Zens from Commerzbank as head of the firm’s CLO business, replacing Debra Anderson who is set to retire in the second quarter of 2021.
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The US CLO market is gaining positive traction in the first quarter of the year, with strong demand from investors, and spreads continuing to tighten, despite the absence of the Japanese banks, traditional anchor buyers of the senior tranches.
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A boom in CLO refinancing and reset volumes, alongside intense new issue activity, is leading to worries about whether banks, rating agencies, law firms and other deal parties have the capacity to cope.
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CVC Credit has pushed triple-A spreads to tights not seen since March 2018 with its new CLO issue, Apidos XXXV.
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Allen & Overy has hired White & Case veteran Jake Mincemoyer as head of its US leveraged finance practice, based in New York.
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AGL Credit Management and Palmer Square Capital, among the most active managers in 2020, have returned to the market with new issue deal with five year-reinvestment periods, as tightening pricing lets managers term out their structures. But shorter deals continue to be attractive, especially for mezz buyers.
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Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities and portfolio debt securities, has hired Seth Weinstein as director of business development, a newly created position.
