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
More articles
More articles
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The US CLO market has been to hell and back in 2020. From the depths of the March sell-off, the sector has faced huge challenges but has seen a remarkable comeback. Bullish sentiment is back on for Q4, and that defines the outlook for 2021. Not all managers will be well placed to take advantage, however, and a wave of consolidation probably looms. By Paola Aurisicchio. -
A wave of CLO refinancing has rolled out in the last seven days, as spreads on triple-A notes have tightened markedly. The trend, which bucks the pattern earlier this year when refinancing slowed, is set to continue early in 2021.
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Nick Jansa turns up at Canadian pension fund — Rocket man touches down at Citi — Credit Suisse hires Gaurav Arora
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Brian Good, a veteran of leveraged finance investing and a key figure in implementing ESG factors in investing process, is set to leave First Eagle Alternative Credit in early January, according to people familiar with the matter. Good will remain an ESG consultant at the Boston-based credit manager.
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Sculptor Capital Management has promoted managing director Josh Eisenberger to co-head of its US CLO team, overseeing portfolio management and credit underwriting, according to people familiar with the matter. Eisenberger will work alongside Peter Polanskyj, co-head of the US CLO team with a focus on structuring and origination.
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Golub Capital Partners has priced its second CLO eligible for funding under the Term Asset-backed Securities Loan Facility (TALF), a programme established by the US Federal Reserve after the Covid-19 crisis first hit. TALF expires at the end of the year, and will only have been accessed by Golub.
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CIFC Asset Management has priced the tightest post-Covid CLO with five-year reinvestment period, a deal which also includes the new more flexible language to allow managers to preserve value in distressed situations.
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Moody’s has put 188 CLO tranches issued by 114 US CLOs on review for possible upgrade, following a change in how its CLO methodology treats leveraged loans on negative watch. But the shift will make it harder to analyse CLO quality, as weighted average ratings will be dispersed more widely and documentation differences will become more important.
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CLO managers are seeking more influence on the outcome of restructurings, baking additional flexibility into deal documents to avoid being blindsided by more flexible distressed debt funds better equipped to extract value from corporate restructuring negotiations. New CLOs are adding extra space for loss mitigation loans while older deals are seeking investor consent amend their docs.
