Latest news
Latest news
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
Some managers are choosing loans conservatively to avoid losses, but they will struggle to improve returns
Leveraged loans in stressed sectors like software carry refinancing risk
More articles
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Kartesia has hired Lizeth Bonilla to join its structured credit team, expanding the firm’s CLO investment capabilities. -
Pons goes to Axa — ECM's Balt heads to alt plastic firm — Esteve joins Barclays
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CLO trader Olivier Pons has left BNP Paribas’ secondary trading desk after 15 years with the bank, moving to an investment manager.
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In the eternal contest between the high yield bond and leveraged loan markets, high yield has won the upper hand during the Covid-19 pandemic, and market participants expect that advantage to remain in the coming months.
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Kansas-based Palmer Square Capital Management has been one of the most active managers of the year, particularly in the pandemic era, with six CLOs priced in 2020. The firm, which manages $12.3bn in assets as of July 31, has specialized in static CLO issuance, and during the crisis was able to price three static deals in the US, as well as one in Europe. Chairman and CEO Chris Long spoke with GlobalCapital about the future of CLO market, the advantages of static deals in times of crisis and opportunities in Europe.
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Deutsche Bank increased the size of a Blackstone/GSO European CLO from €294.81m to €343.922m. The bank also added preliminary ratings from Kroll Bond Rating Agency to the deal hours before pricing.
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As the CLO market enters the end of the summer, managers are getting ready to restart activity after Labor Day. But they are concerned about a potential wave of negative actions from rating agencies.
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Palmer Square Capital Management has announced its debut CLO in Europe, mandating JP Morgan for a rare static CLO, a deal structure not commonly seen in Europe.
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US CLO managers are working through a backlog of warehouses opened before the Covid-19 pandemic by splitting the facilities in half to buy back some equity and issue new deals. While in Europe, managers are tweaking deal documentation in preparation for new transactions.
