Latest news
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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Managers returning to the CLO market at the end of April saw their deals clear at the tightest levels of the month, greeted by investors ready to resume putting cash to work. -
The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.
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US CLO managers are navigating the wave of negative outlooks and headlines to bring new deals, with the primary market in April dominated by static transactions and CLOs with shorter reinvestment periods.
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Merlin Entertainments, the private equity-backed owner of attractions like Madame Tussauds and Legoland which is struggling to stay afloat, launched a senior secured high yield bond on Friday, which raised €500m after a strong reception from investors.
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The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.
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Angelo Gordon has hired Putri Pascualy to its investor relations team in New York as a managing director and credit product specialist.
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CLO managers are on the defensive as the pace of leveraged loan downgrades accelerates in April.
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Sidley Austin has hired Joshua Thompson, the former head of global leveraged finance at Shearman Sterling, as a partner in its global finance team in New York.
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Moody’s, S&P Global Ratings and Fitch Ratings have placed more than 1,000 US and European CLO tranches on negative watch or outlook, as new data arrived from trustees..
