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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More US CLO managers are growing their presence in Europe, enticed by a tighter market for the bonds, growing demand from investors and a more contained Covid-19 crisis compared with the US, sources tell GlobalCapital. -
Wellfleet Credit Partners and Carlyle Group priced new CLOs last week, adding to a growing pool of new deals that have cleared the pipeline in recent weeks as investors and managers settle into a stabilized market, according to sources.
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European CLO managers have begun opening up warehouses again, according to two sources. Newly collateralised Covid-19 era CLOs are set to emerge, as the market heads into 2021 following a primary issuance drop-off as a result of the pandemic.
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Kansas-based CLO manager Palmer Square Capital Management is expanding its credit business into Europe.
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More CLO managers are including the applicable margin reset (AMR) feature in new deals, broadening the use of the alternative method of repricing CLO securities since it was first tested at beginning of this year.
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First Eagle Alternative Credit is expanding into asset-based lending, hiring Larry Klaff and Lisa Galeota to lead the new effort.
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Columbia Management Investment Advisers has priced a CLO with the ability to reprice the bonds via applicable margin reset (AMR), an alternative method of resetting the price of the securities that was tested for the first time at the beginning of this year.
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European CLOs are once again being marketed to investors with single-B tranches, after widening spreads forced most managers to exclude them from recent deal structures. Hayfin Capital Management has mandated Goldman Sachs for its fourth deal in Europe, roadshowing alongside CBAM’s Montmartre Euro CLO 2020-2, with both deals offering single-B notes.
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Peter Gleysteen is a 40-year veteran of the leveraged lending market and the CEO and founder of AGL Credit Management, which recently priced the largest CLO since the coronavirus pandemic began. He spoke with GlobalCapital about the future of the CLO market and how it is facing up to the challenges of the Covid-19 crisis.
