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
More articles
More articles
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Rating agency reviews of CLO tranches which began in April are coming to an end, with the majority keeping their scores in early signals that the sector may avoid a mass of downgrades. -
Ducenta Squared Asset Management recently obtained the management contract for a CLO managed by Tortoise Credit Strategies, a firm that Ducenta acquired in April, according to a source familiar with the purchase.
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Citi has hired Florent Chagnard from Credit Suisse to head European CLO syndication in the firm’s London office, according to sources familiar with the situation.
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Palmer gets interim ECM head gig at BofA — Clarke to join JP Morgan for FIG — Paz-Galindo promoted at UBS
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The number of new managers entering the CLO market has dwindled in 2020 as a result of the pandemic crisis, interrupting years of growth that peaked with an average of 10 new managers a year since 2017.
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Spreads on new issue CLOs moved tighter as BlackRock and GoldenTree Asset Management priced senior bonds at 155bp over three month Libor, scoring the tightest triple-A pricing since March.
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The European CLO summer slowdown is set to persist into autumn as pre-Covid warehouses run dry, and CLO 3.0 structures take time to mature, according to Investcorp, which has closed two euro CLOs in 2020 to bring its total European CLO assets under management to more than €7bn.
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Kansas-based investment manager Palmer Square Capital Management is planning to issue two static CLOs in Europe this year, broadening the reach of a strategy that the manager has had success with in the US.
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Managers are working on a wave of new CLOs to be priced the coming weeks, as conditions in the market continue to improve and stabilize heading into August.
