Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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A report from Bank of America Merrill Lynch on Friday said that high yield bonds from US healthcare companies should be trading wider to the rest of the market, given the potential for secular industry changes on the back of regulatory and tax reform risks. -
US leveraged finance sources have blamed a rampant CLO market for allowing borrowers to run riot in the leveraged loan market with loose covenants and declining underwriting standards, trends that look likely to escalate if leveraged lending guidelines are rolled back, writes David Bell.
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London-based credit platform Hayfin Capital Management has signed an agreement to acquire US CLO manager Kingsland Capital Management, giving it exposure to US leveraged loans and high yield credit.
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CLO volumes look set to finish 2017 well above 2016 levels and should grow again in 2018, according to analysts. Strong demand, particularly at the mezzanine level, is likely to anchor spreads near their currently tight levels.
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Pharmaceutical company Valeant took advantage of strong conditions in the US high yield market on Monday as it issued a bigger than expected $1.5bn eight year senior note to refinance $1bn of debt due 2020.
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The announcement from CVS Health that it would acquire healthcare insurer Aetna is set to result in a flood of debt in the US leveraged finance market, with the firm looking to raise around $45bn of new paper to support the $77bn deal.
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Raiffeisen Bank International has securitized a €1.2bn portfolio of corporate and project finance loans from its Slovak subsidiary, Tatra banka, in what it believes is the first ever securitization of Slovak assets.
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At JP Morgan’s fixed income markets 2018 outlook conference in New York on Tuesday, investors were advised to move into more defensive positions, with macro factors expected to weigh on credit next year.
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Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.
