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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Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals. -
The pharmaceuticals industry is back under the microscope of US CLO players after comments on drug pricing from president-elect Donald Trump hinted at a tougher environment for drug makers under a Trump presidency.
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The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals.
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With pressure on banks to tighten their belts and deleverage balance sheets, in 2017 synthetic securitization could become a much bigger part of the bank treasurer’s toolkit.
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Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.
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Activity in the European ABS market is being driven by issuer appetite for CLO refinancing that has gathered momentum over the otherwise quiet festive period, while a debut European CLO from US issuer HPS Investment Partners could soon surface.
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Connecticut-based CLO manager Marble Point Credit Management has acquired American Capital CLO Management for an undisclosed sum, the latest in a spate of industry mergers.
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Bank of Ireland has structured a synthetic securitization to transfer the risk exposure on a pool of €2.9bn business banking and corporate loan assets to a small group of international investors.
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Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.
