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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Pre-Covid CLO structures are making a gradual comeback as managers rush to market ahead of the election, with a deal from New York Life Investment Management arranged by Jefferies priced with a traditional five year reinvestment period. -
New York-based Churchill Asset Management, an investment specialist affiliate of Nuveen, has hired Kelli Marti as managing director and CLO portfolio manager to boost the firm’s middle-market CLO business.
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A rare environmental, social and governance (ESG) themed CLO was priced this month by Palmer Square Capital Management, setting the tone for the still-early days of ESG securitization in the US and hinting at bigger things to come for socially responsible CLOs.
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As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.
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The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio.
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A CLO managed by Seix Investment Advisors that was to be repriced through an online auction this week did not hit the desired levels to reset the spreads on the bonds.
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Leveraged loan liquidity in the European market has improved this year, with two-way flows resuming rapidly after the spring nadir of the Covid-19 crisis, and sufficient market depth to shift large portfolios. CLO managers are taking advantage, speeding up their time to market and time to ramp deals.
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Spreads on triple-A CLO bonds have tightened to a new Covid-era low, with Oak Hill Advisors pricing a $458m deal at 125bp over three month Libor.
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A gap in tranche performance has opened up between the secondary and primary market for triple-A rated CLO notes in euros, after rapid selling of double-B and triple-B rated notes forced spread compression off the back of worsening macro conditions and end-of-quarter capital requirements.
