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
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Credit Suisse has teamed up with its biggest shareholder to launch a private credit lending platform, bringing to fruition a plan that been beset by delays and high profile departures. -
Bank analysts have revised their forecasts for new CLO issuance in 2020, pushing forecasts higher compared to earlier this year when markets were first hammered by Covid.
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Credit Suisse has hired Dimitris Papadopoulos as a managing director from Natixis to run origination and syndication of CLOs in EMEA.
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Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.
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First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.
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Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.
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London-based SCIO Capital has announced that structured credit veteran Oliver Wriedt has joined the company as a strategic advisor.
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The worst of the pandemic may be behind the CLO market, both in the US and Europe, and optimism is growing as the sector moves towards the fourth quarter. However, speaking in a market update during Global ABS on Tuesday, panellists said some important changes to the market that emerged in the last few months may be here to stay.
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Several lenders have raised funding for the UK’s coronavirus loan scheme for SMEs through the securitization market, with Barclays emerging as the leading bank for the asset class.
