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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The investigative arm of the US Congress has told US regulators that the leveraged lending guidelines should be open to review. But this is nothing new — borrowers have been acting as if they are open to interpretation for some time. -
CVC Credit Partners has hired the former head of credit structuring at Nomura as managing director and global head of CLO origination.
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CLO managers are buying smaller, less liquid middle market loans to boost the spread on offer in their funds, as aggressive repricing in the broadly syndicated loan sector squeezes the arbitrage in the structures.
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CLO manager Spire Partners has added two hires to its credit team, as it looks to broaden its portfolio management capabilities.
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First Eagle Investment Management has struck a deal to acquire US middle market lender NewStar. GSO Capital Partners will buy a $2.4bn portfolio of middle market loans as part of the deal, which is expected to generate tax refunds that will form part of the consideration for the acquisition.
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The US leveraged loan market is increasingly vulnerable to external shocks, as investors pile into the market despite alarm bells ringing over the number of riskier borrowers issuing debt and the weakening of investor protections, S&P Global Ratings warned this week.
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UBS’s EMEA leveraged finance business has been through the wringer, but co-head David Slade, who joined in 2015, is rebuilding it.
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Covered bond investors had a rare opportunity to buy higher yielding debt this week with a trio of transactions offered across the credit spectrum from sub-investment grade to triple-A.
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Debt investors showed some faith that luxury department store Neiman Marcus would ride out challenges in the US retail sector on Tuesday as it posted better than expected quarterly earnings, causing its debt to trade up in the secondary market.
