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
More articles
More articles
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CIFC is bringing a €356.05m CLO via arranger Deutsche Bank, the first CLO issued in Europe under CIFC’s name since the firm began expanding its presence across the Atlantic. -
Fair Oaks Capital, a CLO issuer among the first to include ESG criteria in its deals, updated the capital structure of its latest deal to create split equity and a split senior triple-A rated tranche at the request of investors.
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Bayer’s sale of its animal health unit ought to help a leveraged loan market where supply is still running short of last year’s total — and help loan investors compensate for M&A deals that have dropped out of this year’s pipeline.
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Cairn Capital will be able to distribute its multi-asset credit offering more widely, through the establishment of a joint UCITS (undertakings for collective investment in transferable securities) fund with its owner Mediobanca.
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Mizuho hires for new CLO role — Boskamp to join Crédit Agricole for corporate DCM — JP Morgan shakes up SSA team
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Mizuho International has hired a euro CLO specialist for a newly created role, one of a number of hires in its global markets team for Europe, the Middle East and Asia following Asif Godall taking over the division in March.
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With the credit cycle in its late stages, issuers have been looking for vehicles well suited to holding lower-rated collateral, giving rise to higher triple-C limits in some broadly syndicated loan (BSL) CLOs. However, a recent Moody’s reports highlights how those higher allowances may not materially increase risks given other deal features that protect investors.
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Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.
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A wave of first time CLO managers have emerged since the market began its astonishing bull run in 2014. Standout among them has been CBAM, which has built an $11bn CLO platform in less than three years, in part thanks to a lucrative partnership with a storied Kansas life insurance company.
