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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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As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection. -
Alecta, a Swedish pension fund manager, has announced it will be working alongside Dutch healthcare pension fund PGGM in the risk transfer market, taking 30% of deals PGGM invests in.
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Guggenheim Partners has priced a €281.65m European CLO, Bilbao CLO III, the fourth manager to come to market since the Covid-19 crisis began.
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Downgrades of leveraged loans in the first quarter led to Carlyle Group deferring $4m of subordinated CLO management fees, executives at the firm stated in a first quarter earnings call.
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US Bank has hired Sean Kelley as head of CLO data analytics and research, based in Chicago.
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Chenavari Investment Management’s Toro Fund said in a recent update to investors that it was unwinding its leveraged loan warehouse, in contrast to other CLO fund managers and equity investors that have pushed out deals and begun to reopen the market.
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Synlab, a medical testing firm owned by Cinven, is looking to push out its debt profile, amending and exchanging bonds and loans due 2022 to a loan with a 2024 maturity. It is the first flicker of life in the European primary leveraged loan market since the coronavirus crisis hit.
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The European CLO market is back in business, a few weeks on from the restart of primary issuance in the US. Both markets are moving cautiously to get back on track in the pandemic economy, tweaking deal formats, shortening reinvestment periods and looking at deal documents to see where there is room for flexibility to manoeuvre through a historic period of distress.
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CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.
