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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Symphony Asset Management is the first CLO manager to try and refinance a deal while adhering to guidelines laid out by the Securities and Exchange Commission last year, allowing it to avoid risk retention even if it closes after the December 24 implementation date. -
A pledge by Opec to reduce oil production is likely to be a tailwind for the US CLO market in 2017.
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CLO managers Barings, Alcentra and PineBridge all priced refinancings of European CLOs last week, announcing plans to reissue notes and cut liability costs in the new year.
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The long wait for the US Federal Reserve to hike interest rates ended this week and implications for further tightening produced a mixed outlook for ABS markets.
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For all the noise in the US and EU markets this year over risk retention and the harm that it causes issuers and market participants, many in the market admit privately to quite liking the idea.
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Slow responses from Polish banks have delayed syndication of the Z5.14bn (€1.16bn) of loans for the leveraged buyout of Allegro, the online marketplace, with demand for the deal from local lenders weaker than expected, according to two bankers.
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US CLO investors say they are feeling squeezed by the trend of managers resetting and refinancing deals, reissuing them with looser terms and less attractive spreads.
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Axalta — Ezdan — Sharjah — Saudi British Bank
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Octagon Credit Investors priced its fourth and final deal of the year on Wednesday, as investor appetite shows little sign of abating going into the end of 2016.
