Latest news
Latest news
Manager raises third-party equity in challenging environment for CLO arbitrage
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
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Merlin Entertainments, the private equity-backed owner of attractions like Madame Tussauds and Legoland which is struggling to stay afloat, launched a senior secured high yield bond on Friday, which raised €500m after a strong reception from investors. -
The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.
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Angelo Gordon has hired Putri Pascualy to its investor relations team in New York as a managing director and credit product specialist.
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CLO managers are on the defensive as the pace of leveraged loan downgrades accelerates in April.
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Sidley Austin has hired Joshua Thompson, the former head of global leveraged finance at Shearman Sterling, as a partner in its global finance team in New York.
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Moody’s, S&P Global Ratings and Fitch Ratings have placed more than 1,000 US and European CLO tranches on negative watch or outlook, as new data arrived from trustees..
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Credit Suisse Asset Management’s Credit Investments Group raised a $200m fund that will invest mostly in the equity tranches of CLOs, according to people familiar with the matter.
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The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme.
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Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.
