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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US middle market CLO volumes are running ahead of the levels achieved in what was a record year for the market in 2017, said Wells Fargo on Wednesday. -
A “significant” loosening of underwriting standards in US leveraged finance points to the market being in the late stages of the credit cycle, said Fitch Ratings on Tuesday, but market data show bids are still heating up in the sector.
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The US CLO market has posted its busiest start to the year since the financial crisis, and the torrent of paper is now weighing on spreads which could narrow the arbitrage for deal managers.
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Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.
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Kroll Bond Rating Agency has hired staffers from S&P Global Ratings and Goldman Sachs to head a new foray into CLO ratings, as other agencies struggle to keep up with the record pace of issuance in the red hot asset class.
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The spending bill signed into law by President Trump on Friday contained a provision that allows business development companies to double their permitted leverage, a move that could heat up an increasingly aggressive lending environment in middle market corporate debt.
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Strong demand for European leveraged loans is driving ratings pressure on European CLO tranches, according to a statement from S&P Global Ratings at the end of last week.
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Uber blazed a trail in the leveraged finance market this week, brushing off a fatal car crash involving one of its self-driven cars to close a bigger than expected self-syndicated leveraged loan at a spread inside of the initial price range.
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Stephan Paras, the former European and US head of leveraged loans at Bank of America Merrill Lynch, has joined the investment committee at middle market lending firm Star Mountain Capital.
