Latest news
Latest news
State of New Hampshire's innovative bond gets Ba2 rating
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
Some managers are choosing loans conservatively to avoid losses, but they will struggle to improve returns
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The issuer of the long-troubled synthetic CMBS Juno (Eclipse 2007–2) missed a deadline for submitting its 2017 financial statements and its annual return last Friday. This means it risks being struck off the register of Ireland’s companies and having its remaining assets transferred to the government. -
European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal.
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Thank you very much for inviting me to this roundtable, and for the opportunity to give kick off with some thoughts and observations. I took some time to think about what I would say today, and decided to google the latest news in the area.
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Adam Forchheimer, previously head of US high yield bridge financing at Credit Suisse and a managing director in the bank’s leveraged finance division, has left the bank after 13 years to join Owl Rock Capital, a New York-based direct lending fund that targets the US middle market.
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CLO activity continued unabated last week despite the three day Global ABS conference in Barcelona, with Napier Park, CIFC and Tikehau offering up deals.
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The CLO market has recently stalled due to a slowdown of investment from Japanese firms. Market participants say that this has been largely driven by negative media attention surrounding CLOs, and feel frustration that the asset class is still strongly associated with CDOs and the US subprime crisis.
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Edward Altman, creator of the Z-score metric predicting corporate bankruptcies, has co-founded a new company that automates credit scores for small and medium sized firms. That could help provide ratings for the SME CLO market.
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The attitude of managers and arrangers is holding back the CLO market, with weakening deal terms and pre-placement of triple-A tranches a particular problem, said Balint Vogavolgyi, senior portfolio manager at Aegon during a panel discussion.
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Quirks of Europe’s new Securitisation Regulation, which came into force this year and is dominating debate at this year’s IMN/Afme Global ABS conference in Barcelona, could leave CLO buyers carrying the can for failures of CLO managers to meet their regulatory obligations.
