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 European ABS market shifted to high gear this week, as market participants prepare to head off to Barcelona for Global ABS on June 6. -
The European Central Bank published its final guidelines on leveraged lending on Tuesday, clarifying issues that arose during the consultation period beginning in September. The guidelines are set to be implemented later this year.
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Carlyle is attempting to get an amendment on a 2015 CLO, Carlyle Global Market Strategies Euro 2015-3, to raise the covenant-lite limits in the deal to 90% from 80%.
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HPS Investment Partners has priced its first-ever European CLO, the first new issue deal to be priced in May and the 13th of 2017.
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Technical factors have driven US CLO spreads to record tight levels, and analysts have said there could be further room for the rally to run — though concerns around a falling oil price and reflation rate mean mezzanine tranches may have more limited potential for further tightening.
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Investor thirst for leverage has been intensifying in the US CLO market over the last six months. But while demand is hottest for levered bets on rated debt tranches, GlobalCapital understands that two banks have offered hedge funds leverage on equity tranches, one of the riskiest things an investor can do in structured finance. David Bell reports.
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Extending reinvestment periods for European CLOs will benefit managers and equity investors but could have negative implications for credit overall, said S&P Global Ratings in its first quarter CLO performance report.
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Japanese CLO buyers are widening their investment mandates to include a broader range of managers and, for the first time, are looking at refinancing transactions.
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The primary European CLO market is getting crowded, with Commerzbank pricing a new issue deal at the end of last week and HPS Investment Partners readying a debut European transaction.
