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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RBS has sold a risk transfer securitization referencing a book of UK green project finance loans to the BAE Systems pension fund, which was advised by a unit of Macquarie. The deal is the first ESG-rated risk transfer deal in the UK, and also potentially the longest-dated risk transfer deal ever done in the UK, with an average life of eight to nine years. -
On Thursday morning, bids for the first repricing of a CLO via an applicable margin reset (AMR) auction will roll in, bringing to life a concept that has the potential to disrupt traditional practices in the sector.
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Gulf Stream Asset Management has returned to the CLO market with its first deal since the financial crisis, selling senior bonds at 137bp over three month Libor on Tuesday.
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Alternative asset management firm CIFC has hired a team from Millennium Management to build out its high yield business, as the firm continues to expand the products on offer from its starting point of leveraged loan investments.
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CLOs failing a crucial quality test as the market faces a potential wave of leveraged loan refinancings, said analysts at JP Morgan in a report published this week.
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Bank of America has promoted CLO traders Ricardo Arguello and Tim Murtha to managing director in New York.
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Managers priced two CLOs on Thursday, selling the senior bonds at the tightest spread seen since November as 2020 kicks off with a rally in triple-A paper.
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High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies. This week, Techem tweaked its loan repricing to add a heavy bond slug and take advantage of near-record low coupons on offer. That sets 2020 up with a very different tone from the past two years, when an ever-growing CLO market meant bonds struggled to compete with loans, writes Owen Sanderson.
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The CLO market will be closely watching next week as the first re-pricing of a deal with an applicable margin reset (AMR) feature takes place using an auction. It is a crucial first test of the viability of the alternative CLO re-pricing mechanism, said market participants.
