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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The US CLO market has shrugged off the interruption of July 4th festivities, with five managers closing new deals so far in the shortened week and a raft of other issuers closing refinancing and reset transactions. -
Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.
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A handful of deals from Bahrain and the CIS region is all there is to keep emerging markets loans bankers busy over the next six to eight weeks, with many already heading off for summer breaks as volumes and near term pipelines dwindle to almost zero.
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After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.
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On top of a busy primary market CLO pipeline, a wave of expensively priced deals sold in 2016 are expected to be reset soon, but some analysts are confident the supply can be absorbed without too much disruption to spread levels.
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Palmer Square Capital Management sold a new CLO on Wednesday, as US CLO analysts are predicting that high levels of supply are likely to put pressure on spreads for the remainder of the year, and rating agencies warn on riskier behaviours seeping into leveraged loan and CLO markets.
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Russia’s Bank for Development and Foreign Economic Affairs (VEB) has signed an agreement with China Development Bank that could see the Chinese state run lender provide up to $9.8bn-equivalent in loans to finance joint projects between the two institutions.
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THL Credit has acquired the CLO unit of Chicago-based loan manager Kramer Van Kirk Credit Strategies.
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Natixis Investment Managers has bought MV Credit, the private debt investment firm, from the partners of the firm.
