Latest news
Latest news
Lower pricing across CLO capital structure does little to improve equity arbitrage
Manager tightens triple-A pricing by 27bp and avoids refinancing some junior mezzanine notes
Spread on triple-A rated notes 4bp wide of recent tights
More articles
More articles
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Money360, a small commercial real estate lender, is joining a number of new issuers who are securitizing floating rate bridge and transitional loans. -
US CLO equity returns have dropped compared with previous years, but the trade is still outpacing the rest of the fixed income market and should improve, sell-side analysts said this week.
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Netflix said late on Monday that it intends to continue tapping the US high yield bond market to fund an anticipated $3bn-$4bn of negative cash flow this year.
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Union Investment, a fund manager headquartered in Frankfurt and majority owned by DZ Bank, announced on Tuesday the launch of a new fund for institutional clients focussed mainly on CLO investments.
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Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit.
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With the summer holiday season just around the corner, the flood of new issue euro ABS deals, seen following the IMN Global ABS conference, has turned into a trickle, with just one new mandate announcement on Thursday adding to three deals looking to price in conditions favouring investors.
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A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.
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An increase in European leveraged buyout activity is helping boost diversity in CLO pools, according to Bank of America Merrill Lynch.
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Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.
