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
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Krupa to replace Cabannes at SG — JP Morgan reshuffles activist defence business — Credit Suisse gives Cohen new position -
Asset manager Janus Henderson is planning to bring CLOs to mid-size institutional investors with an exchange-traded fund (ETF) focused on triple-A CLOs, it emerged this week. The ETF could broaden the CLO investor base beyond large banks and insurance companies.
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European equity tranches in CLOs have begun to outperform equivalent equity pieces from the US after its response to the coronavirus pandemic drove macroeconomic worries.
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Pizza Express’s plans to restructure its debt, shut restaurants and sell its UK business have hammered home the latest nail in the coffin of the UK casual dining sector. As appetite for eating out dwindles following lockdown, coupled with a heavy oversupply of mid-market restaurant chains, the coronavirus pandemic has hastened the decline of a sector which has dominated UK dining over the past few decades.
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Rating agency reviews of CLOs are not resulting in mass downgrades in Europe. That has caused some to question what is going on given the damage the coronavirus pandemic and lockdowns must surely have had on certain sectors of the economy that some CLOs are exposed to. Some transparency around ratings metrics would help soothe the angst.
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Janus Henderson is planning an exchange traded fund (ETF) that will invest in the safest tranches of CLOs, according to a filing with the Securities and Exchange Commission.
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Rating agency reviews of CLO tranches which began in April are coming to an end, with the majority keeping their scores in early signals that the sector may avoid a mass of downgrades.
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Ducenta Squared Asset Management recently obtained the management contract for a CLO managed by Tortoise Credit Strategies, a firm that Ducenta acquired in April, according to a source familiar with the purchase.
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Citi has hired Florent Chagnard from Credit Suisse to head European CLO syndication in the firm’s London office, according to sources familiar with the situation.
