Latest news
Latest news
Leveraged loans in stressed sectors like software carry refinancing risk
Manager prices triple-A notes inside where it placed previous new issue
Deal’s triple-A notes are fully syndicated to investors, despite volatility from Iran war
More articles
More articles
-
Chairman and CEO of NXT Capital, Robert Radway, will retire next year after 11 years spent at the middle market finance firm. Radway will step down as CEO on January 1, 2021, but will continue as chairman and member of the NXT Capital investment committees until his retirement at the end of next year. -
Jefferies smashed its way into the European CLO primary market this year, hiring a team from the market’s top ranked arranger, Citi, and igniting a hiring merry-go-round. But the boutique bank doesn’t have the balance sheet muscle of its commercial rivals, and observers questioned how it planned to compete in the commoditised world of warehouse lending. Now however, GlobalCapital understands it has sourced external funding and has at least one warehouse already in the works.
-
The ‘normalisation’ of the CLO market has stalled, with spreads for single-B tranches now at levels where issuing makes little sense, pushing many managers to retain these notes or print lower levered deals.
-
Onex Credit Partners and Bain Capital Credit each priced CLOs with five year reinvestment periods on Wednesday, the latest managers to return traditional CLO structures that were upended by the coronavirus.
-
Crestline Denali Capital, LCM Asset Management, Anchorage Capital Group and HPS Investment Partners are the managers expected to price CLOs in the coming week, as the primary pipeline sees one last burst of activity before election headlines dominate.
-
Golub Capital priced the first CLO to take advantage of the Term Asset Backed Securities Loan Facility last week, selling a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans. The deal, expected to close on October 30, may pave the way for more middle market managers to tap TALF funds, but sources remain skeptical that the program will have much impact on the wider CLO space.
-
Canadian insurer Sun Life Financial said it has agreed to buy 51% of Crescent Capital Group for up to $338m to expand its asset management business into mezzanine debt, middle market lending, high-yield bonds and broadly syndicated loans.
-
HalseyPoint Asset Management has priced its second CLO with the applicable margin reset (AMR) feature embedded, broadening the use of the alternative method of repricing CLO securities to over $4.4bn of CLOs since 2017.
-
The middle market CLO segment is slowly regaining momentum, with more managers coming back to the market to take advantage of tighter spreads and a clearer picture of the financial impact of coronavirus on middle market companies.
