Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
-
The middle market CLO segment is slowly regaining momentum, with more managers coming back to the market to take advantage of tighter spreads and a clearer picture of the financial impact of coronavirus on middle market companies. -
A common feature of the US CLO market known as the loss mitigation loan has begun to make its way into European deals for the first time, continuing the trend of European managers borrowing features from US peers to deal with the effects of the Covid-19 crisis.
-
Credit Suisse Asset Management has closed its first CLO equity focused fund, raising $265m from investors.
-
Citi arranged the reset last week of a $503.9m CLO managed by Elmwood Asset Management, extending the deal with a new five year reinvestment period as CLOs slowly return to pre-Covid format.
-
The quest for yield has reawakened the market for an unusual form of CLO that pools both leveraged loans and high yield bonds to form a hybrid product. The structure has reappeared despite volatility in credit markets caused by the coronavirus crisis, with issuance escalating recently and set to rise as more CLO managers try to take advantage of opportunities — not just in loans but also the $1.2tr high yield bond market, writes Paola Aurisicchio.
-
November’s US election and regulatory issues are major concerns for the US CLO market, together with another possible wave of defaults in leveraged loans, the SEC has said.
-
Tightening spreads on triple-A rated CLO tranches has prompted a wave of refinancings and resets of fixed rate tranches over the last two weeks. Market sources expect the trend to continue as CLO managers look to save on costs.
-
Z Capital Group has expanded its credit team with the addition of Egidio Carlino as director and Jordan Shrem as senior associate.
-
Spreads on primary triple-A rated CLO paper moved tighter with the latest deal from CVC Credit Partners, priced on Friday, as managers look to get deals done in the narrow window before the US presidential election on November 3.
