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
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PIMCO is understood to be setting up a new fund aimed at buying CLO equity tranches, with portfolio managers recently flagging the opportunity created in the space by the rollback of risk retention rules. -
Natixis has appointed Chris Gilbert as head of US CLO banking and David Williams as head of US global structured credit solutions capital markets, following the departure of two CLO bankers last month.
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The rush of US CLO managers looking to extend existing deals on the back of risk retention rules being vacated might take some of the steam out of the new issue CLO market in the second half of the year, say some market players.
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A panel of CLO experts speaking on day two of Global ABS agreed that the market in Europe is operating a near peak efficiency, and that the market is “nowhere near” a turn in the credit cycle for at least the remainder of this year.
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US pet retailer PetSmart has moved a portion of online subsidiary Chewy out of the reach of the company's senior bondholders, but that has not weighed on the notes in the secondary market.
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The proposed changes to the Volcker rule include an invitation for comments on whether CLO managers should once again be able to hold high yield bonds in their portfolios, a move that would bring US managers back in line with their European counterparts.
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Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.
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A new CLO from Octagon on Wednesday was the only one to have been priced so far this week, after eight were cleared in the pre-holiday rush before Memorial Day. May has been the busiest month of the year for new issue volumes, but analysts have said the pace could be slowing.
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Data from Fitch Ratings showed that on average this year, managers have brought deals to the market with higher volumes of collateral already sourced before they sell CLO debt to investors, compared with previous years.
