Latest news
Latest news
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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The first Republican attempts to scale back the Dodd-Frank Act following Donald Trump’s November presidential election victory are on the horizon, with The House Financial Services Committee gearing up to vote on a new bill as early as March. -
With policymakers discussing the possible extension of “simple, transparent and standardised” securitization to synthetic transactions, a push is underway to promote the quality and importance of the asset class.
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As US CLO managers explore ways to boost returns on new deals, longer reinvestment periods could be introduced to appease equity buyers, though debt investors may not accept the trend quietly.
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Investor demand for exposure to global loan and CLO products has prompted GSO/Blackstone’s listed Loan Financing Fund, which invests in US and European senior secured loans both directly and through CLO debt, to plan a new share issue.
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Demand for US CLO triple-A paper is at its peak, with sources saying that competition for the bonds is squeezing out the Japanese buyer base that has long been a driver of the market.
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Despite many UK-based CLO managers switching to the manager originator model for European risk retention in the immediate aftermath of the Brexit vote, many are returning to the sponsor route, with investors comfortable with either approach.
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With primary European CLO spreads hitting some of their tightest levels since the financial crisis, better value could be found in more seasoned deals coming up for refinancing, said TwentyFour Asset Management on Monday.
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Deutsche Bank is telling investors that it may be time to place bets against the CMBS market, as mounting problems in the retail sector threaten the health of some post-crisis bonds heavily exposed to lower quality retail properties.
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Third party CLO equity investors could struggle to compete in a market in which managers have highly capitalised retention vehicles they can utilise to invest in both their own and other managers' equity, said industry sources this week.
