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 headline panel on day two of ABS East on Monday kicked off with a wide ranging discussion on deregulation in the Trump era, with congressman Andy Barr (R-KY) telling ABS market participants to expect another push for a “qualified” CLO and a reining in of the powers of the Consumer Financial Protection Bureau (CFPB). -
Regulatory concerns are a perennial topic of discussion at securitization conferences, but at ABS East in Miami this week it’s different: with some analysts predicting CLO volumes could challenge the record breaking 2014 figures, it’s the potential rollback, rather than rollout, of regulation that is prompting discussions.
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Healthcare of Ontario Pension Plan has invested $300m in a new partnership with US CLO manager CIFC, which will finance the risk retention requirements for a potential $7.5bn of future CLOs.
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Asset management firm Post Advisory Group said on Tuesday that it will build a US CLO management business, to be led by the former head of Alcentra’s US loan business, as deal volumes race past last year’s figures.
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A fifth straight week of outflows from leveraged loan funds and a slowdown in CLO refinancing activity could further boost the new issue CLO market, which enjoyed its second busiest month of the year so far in August.
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European CLO new issuance this year has already broken 2.0 era records and a strong supply of leveraged loans and managers wanting to issue will lead to even more supply over the autumn.
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Returns on US CLO debt have handily beaten those of high yield corporate debt over the past year, say JP Morgan analysts, though the rally may be running out of steam in the latter part of 2017.
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New issuance of euro CLOs could hit €18bn by the end of the year, according to Bank of America Merrill Lynch, and more new issuers from across the Atlantic are looking to issue European deals.
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Credit quality in new issue CLOs is sliding, according to Moody’s Investors Service, as managers continue to churn out deals despite difficulties sourcing loan collateral.
