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Latest news
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
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A lack of supply in the European CLO market this summer has left investors desperate to source bonds, with the few deals moving through the pipeline seeing heavy oversubscription and tight spreads. -
US CLO managers have flooded the market with new paper in August, as the wave of refinancing subsides and a lack of opportunities in the secondary market unleashes investor demand for new deals.
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Issuance of higher quality European ABS is fuelling strong technicals, which are underpinning the market in 2017, TwentyFour Asset Management said this week.
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Bain Capital and Cinven's €5.3bn buyout of German pharmaceuticals maker Stada went through this week, the firm announced on Friday, after a tense build up to Wednesday's midnight deadline, with the 63% shareholder acceptance threshold only just being reached.
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Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.
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The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.
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The New York office of Allen & Overy has hired a CLO-focused partner as well as four associates from Ashurst, building on recent hires in the high yield and leveraged finance practices.
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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.
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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.
