Latest news
Latest news
State of New Hampshire's innovative bond gets Ba2 rating
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
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MacKay Shields is offering the market minority equity in its new European CLO, in a sign that arbitrage could be improving to a level sufficient to tempt third parties to buy into a deal. -
The Covid-19 crisis continues to test the skills of CLO managers, said speakers at this week’s Leveraged Loan and CLO virtual conference hosted by IMN, with a wider dispersion being seen among managers able to quickly react to loan downgrades and surges in triple-C holdings and deal with failures of overcollateralisation (OC) tests.
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Campaigners for equality for lesbian, gay and transgender people in the US hailed a historic victory on Monday, when the Supreme Court for the first time made it illegal throughout the country for employers to discriminate against staff on grounds of sexual or gender orientation.
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Apollo Global Management has hired Rina Joshi as managing director in a new position focused on distressed investments in Apollo’s global credit business.
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Jefferies has taken two more bankers from Citi’s EMEA CLO operation to join former syndicate head Laura Coady in setting up a primary CLO team and overhauling its European securitized products business.
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A growing number of CLO managers are re-entering the primary market, encouraged by demand from investors facing a dearth of new supply in the second half of 2020.
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BlueBay Asset Management issued its debut European CLO on Monday, printing the tightest triple-A rated notes since the market restarted after the coronavirus pandemic began, a clear sign of the improvement in credit conditions. The issuer also opted to place a full capital structure down to single-B rated notes, an approach which many managers have shied away from the since the virus struck.
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Fair Oaks Capital has hired structured finance professional Christos Danias to run marketing in its European CLO group.
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Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.
