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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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PGIM and Octagon were active in the US CLO market on Monday and Tuesday this week, as new CLO formation is said to be building momentum despite the difficulty of attracting equity investors given the squeeze on returns at the bottom of the structure. -
Bank of Montreal is set to launch a synthetic ABS deal this week, shifting the risk on a $1.5bn portfolio of US and Canadian large corporate loans, with several European banks also understood to be working on risk transfer deals over the summer.
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CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.
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The European CLO primary market is going strong as the market heads into late summer, with a slew of deals sold over the last week and buyers eyeing more to come.
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Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.
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Valeant Pharmaceuticals, the largest single company exposure in the US CLO market, announced a $500m debt redemption on Thursday with one investor saying debt holders would struggle to find similar returns in the current loan market.
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The direction of central bank policy is increasingly coming to govern Investment grade and high yield bond investors' hunt for yield, with many of the latter now looking to triple-C rated paper to better hedge against the risk of rate hikes.
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The US new issue CLO market sparked back into life this week, with four new deals sold in addition to refinancing and reset activity. Investors have shifted down the capital structure and driven the US CLO credit curve to its flattest level in three years.
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NewStar Financial has added around $726m of assets under management after buying Fifth Street Asset Management’s middle market CLO business, which had two outstanding deals.
