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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As Tuesday's vote count looks likely to drag into Thursday without a clear winner in the US presidential race, the CLO space is likely to remain stalled through next week after managers raced to get ahead of the US election to price around $13bn of deals in October. -
The Alternative Credit Council (ACC) has recommended allowing CLOs to obtain a ‘simple, transparent and standardised’ (STS) certification to increase the flow of funding to European borrowers. Investors have pushed back on such proposals, however, citing the heavy due diligence needed to invest in STS deals.
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Medalist Partners has parted ways with CIO Brian Herr, who stepped down as CIO and co-head of structured credit and asset finance to take up a role as managing director at financial services company Exos.
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Kayne Anderson Capital Advisors and Napier Park Global Capital each priced CLOs on Friday with pre-Covid reinvestment durations, joining a growing roster of managers that have returned to more normal CLO structures. Though they are becoming more frequent, sources say they expect the market to remain split between standard and Covid-era deal formats.
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DFG Investment Advisers, a New York-based alternative credit manager, has appointed Rehan Virani as chief executive officer. Virani joins from Partners Group, where he was head of business development for private debt for the Americas and Asia.
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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.
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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.
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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.
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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.
