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 US Federal Reserve will respond accordingly to the fiscal policy of a Republican Congress and the incoming administration of Donald Trump, Fed chair Janet Yellen said during a testimony before the United States Congress Joint Economic Committee on Thursday. -
Last week marked what looks like the death of the Trans-Pacific Partnership (TPP), a comprehensive trade agreement that would have heralded closer integration between the US and the high growth economies of the Asia-Pacific region.
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US CLO market players have quickly moved past the shock result of last week’s presidential election, refocusing on the US risk retention deadline on December 24.
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European ABS spreads widened briefly on Wednesday morning after the shock US election result, but quickly recovered.
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US private equity firm Och-Ziff Capital Management closed its first European CLO on Thursday, as pricing of junior CLO debt defies the tightening seen at the top of the capital stack.
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Valeant Pharmaceuticals, the biggest obligor in US CLOs, is understood to be selling off assets in an attempt to pay down debt. But it may not be the shot in the arm the sector is after, writes Sam Kerr.
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With aggressive leveraged loan repricing hitting the returns to CLO structures, managers are taking a variety of steps to protect their portfolios.
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Derivatives and fixed income valuation and risk analytics provider FINCAD has added securitization to its coverage.
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With Europe’s leveraged loan market undergoing a “repricing frenzy”, CLO managers are looking to refinance deals coming out of non-call periods over the next few months in order to protect equity returns in those deals.
