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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Moody’s said on Tuesday that the struggling US retail sector would have only a limited impact on structured finance asset classes, with only narrow areas of the market likely to face distress. -
The prospect of nuclear conflict between the US and North Korea led to increased trading of CLO mezzanine debt in the secondary market, but the market recovered quickly this week as fears receded.
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A wave of new US CLOs have been priced in the last week, with a slew of managers, some of whom have been long absent from the primary market, taking advantage of easy risk retention financing and heavy demand from debt investors to push deals through the pipeline.
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A new CLO backed by commercial real estate loans has been priced this week, with spreads grinding tighter as investors snap up floating rate real estate debt.
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The CLO sector has quieted down with the rest of the securitization market in August, with a refinancing of a 2015 deal from Carlyle Group among the only offerings on the horizon for the month.
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US private debt manager CIFC Asset Management has hired John DiRocco as chief operating officer, as the firm plans to expand its investment product offerings in the US and overseas.
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One of the biggest challenges for CLO managers is easing up as the volume of new leveraged loans starts to increase, putting the brakes on a long rally in loan prices and sparking a flurry of deals.
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European CLO managers are paying no heed to the typical summer slowdown, churning out new offerings as well as CLO resets to kick off the month of August.
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A slew of new issue CLOs were priced on Monday and Tuesday this week, with broadly syndicated, middle market and commercial real estate deals all vying for investor attention.
