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Latest news
Spread on triple-A rated notes 4bp wide of recent tights
Deal will bring fourth major multilateral development bank to the market
Spread on triple-A rated notes falls by 15bp compared with previous deal
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New issue euro CLO issuance has pushed past last year’s tally, with more deals still moving through the pipeline, but loan market technicals may erode the arbitrage for new deals, said Bank of America Merrill Lynch. -
US based credit manager CIFC has hired four executives from leveraged credit firm Logen Asset Management to expand the firm’s distressed debt offering.
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Loan Ranger has dusted off his stetson because something happened at the Loan Market Association’s annual syndicated loan conference that he had never seen before in all his many years covering the loan market: public exercise that wasn’t dancing in Harry’s Bar at 2am after a drinks event.
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Wells Fargo analyst David Preston said that weaker loan recoveries were the "number one fundamental issue" for CLO investors at the ABS East conference in Miami this week, while managers anticipate a resurgence of loan repricing activity that will put pressure on returns in the structures.
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As capital pours into leveraged loans and private credit, direct lending platforms are mounting a defence of covenant protections in smaller sized deals to protect recoveries in the next downturn.
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Peter Melichar, a veteran CLO banker, has joined GreensLedge Capital Markets in London.
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Balanced, buoyant, fragile, resilient? The divergence of views on show during a panel discussion on CLOs in Miami on Monday revealed a market that is enjoying record volumes, but is also facing a range of challenges such as more complex documentation, riskier loans, spikes in refinancing activity and the evergreen issue of a lack of triple-A buyers.
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CLO managers have long highlighted their ability to generate investor returns by actively managing their portfolios during market downturns, but that may be harder to do during the next slump because of deteriorating loan underwriting, said panellists at IMN’s ABS East conference on Sunday.
