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 high yield market suffered a volatile week, with pulled deals, wider spreads and billions of dollars of retail investor outflows, but a string of determined issuers and hardy investors keen to pick up bargains meant the sell-off did not result in a full blown market rout, as many had earlier feared. -
European ABS issuers have rushed the primary pipeline this week, bringing as many as seven deals to market as the push to year end begins.
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The European CLO market is showing no sign of cooling down going into year end, with investor demand stronger than ever and heightened Japanese interest driving spreads tighter.
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Investor thirst for yield has pushed the price of the riskiest pieces of CLO debt well above par, but market participants say that many investors are underestimating call risk as they hunt for value.
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Last week was the second busiest week of issuance in the global CLO market in the post-crisis era, but refinance and reset activity is set to dominate the sector for the remainder of the year, a move which is likely to facilitate further price tightening in the leveraged loan market.
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Changes put forward under Republican tax plans could dent the attractiveness of high yield debt and leveraged loans, according to analysts, but a cut to the corporate tax rate and a potential holiday for repatriated cash would be positives for US corporates.
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PGIM has priced its latest CLO, increasing the deal size to meet demand and pricing the offering at tight spreads.
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Spreads keep tracking tighter in senior triple-A CLO paper, narrowing investor returns in a busy market and driving talk of leveraging bonds throughout the debt capital structure.
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The poll to decide the winners of GlobalCapital's Loan Awards 2017 has opened.
