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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S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on. -
The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
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European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed.
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Banks have started sending CLO managers notice to post more collateral against open warehouses after prices of the underlying leveraged loans dropped steeply to an average of about 76 cents this week, according to market sources.
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James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.
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CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers.
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S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
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Alternative credit specialist CIFC has hired David Walker as head of research.
