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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An expected wave of defaults in corporate credit is driving stress in the CLO space, spurring some in the market to begin internal discussions to make their pitch to the government for greater protections. -
The high volume of bids wanted in competition (BWIC) registered last week in CLOs dropped on Monday as credit instability increased and investors asked for greater protections as Libor craters.
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Last week European securitization markets saw a heavy supply of BWICs (bids-wanted-in-competion), with over €487m of CLO bonds on offer. But few of the bid lists are finding clearing levels, with 64% did-not-trade in CLOs last week.
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Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same?
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Financial market tumult and global instability as a result of the coronavirus pandemic are hitting CLO primary issuance, while activity in the secondary market is accelerating as investors hunt for opportunities amid the chaos.
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The 30% drop in the price of crude oil as Saudi Arabia kicked off a price war this week is causing anxiety in the CLO market and a flashback to the oil plunge of 2016, though data shows that the sector is far less exposed than during past crises.
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Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.
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The volatility in the market caused by the fallout from the Covid-19 coronavirus is having the effect of putting CLO players on the defensive, but market participants are still not predicting a drop in new issuance volume despite declines in broader markets.
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Dutch tax authorities will not apply a VAT tax on CLO management fees with retroactive effect and are considering a grace period for CLOs, issuers learned on Tuesday.
