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
More articles
More articles
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June opened up with another wave of negative rating actions for CLOs, with $5.7bn of the bonds placed on review for possible downgrades by Moody's, driving concerns that managers could see their ability to trade loans restricted if downgrades pile up. -
Despite warehouse lines that have time to run, the rally in leveraged loan markets is forcing CLO managers and equity holders to push ahead with deals, in case they are left buying assets at prices close to par with vehicles far more expensive than before the coronavirus hit.
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BlueBay Asset Management, the London-based fixed income and alternative asset manager, has taken on the US CLO management business of its parent company Royal Bank of Canada.
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The many challenges that come with steering CLOs through an unprecedented crisis is paving the way for a new era of legal disputes among players in the sector.
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CBAM Partners is the first manager to price a debut CLO in Europe since the Covid-19 pandemic began but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.
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CVC Credit Partners and Spire Partners have announced new European CLOs, CVC Cordatus Loan Fund XVII and Aurium CLO VI, as the European market slowly gets back to normal.
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Shearman & Sterling has hired Mark Chorazak as partner in its global financial institutions advisory and financial regulatory practice in New York.
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Investcorp's Credit Management business is one of the largest CLO issuers in Europe, with 24 deals under its belt, and a firm focus on the large cap, broadly syndicated market. GlobalCapital spoke to its boss, veteran leveraged finance investor and banker Jeremy Ghose, about how the coronavirus crisis has changed the LBO market, what CLOs will look like in the future, and the grim outlook for direct lending.
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European corporates are asking lenders to switch their loans to semi-annual interest payments, in some cases, which could feed through to CLO coupons as well.
