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 first European CLO reset deal in the ‘2.0’ era has pushed triple-A spreads to a new low, as a string of issuers look to take advantage of tight CLO debt spreads to extend and refinance existing transactions. -
The middle market CLO sector is nearing the end of a slow 2016, with market players hoping that they can sidestep some of the issues facing their counterparts in the broadly syndicated sector in 2017.
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German investment giant Allianz Global Investors has bought US alternative investment manager Sound Harbor Partners for an undisclosed sum.
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A debate among US CLO issuers about the potential for regulatory easing under president-elect Donald Trump could result in a slow start to the year, but sources say that it would be unwise for issuers’ plans to centre around relief from risk retention.
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US CLO issuers are rushing to market, filling the pipeline and looking to price and close a flurry of deals before the market effectively shuts ahead of risk retention implementation.
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KKR priced its latest CLO just ahead of this week's Thanksgiving holiday to strong investor demand, while also beating the clock to close the deal before the Christmas Eve risk retention deadline.
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US CLO managers are running at full speed to get deals done before the end of the year, but some are already beginning to express concerns that January 2017 could look disappointingly similar to the beginning of this year.
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Issuers priced two new European CLOs at the end of last week, as Ares Management rolled out its new risk retention vehicle and Halcyon Loan Advisors priced its second European CLO in the 2.0 era.
