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
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James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit. -
CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers.
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S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
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Alternative credit specialist CIFC has hired David Walker as head of research.
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CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.
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After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.
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The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.
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The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.
