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CLO managers in the US and Europe are struggling to source loans, often pricing new deals with levels of collateral that are well below normal and thereby increasing uncertainty in the asset class. But views in each market diverge on the implications of the trend, as US CLO investors continue to show insatiable appetite, while their European counterparts cool their heels in the hope that spreads come off their historical lows. David Bell and Sam Kerr report. -
After an impressive 2016, the best year for European CLO formation since the financial crisis, the market is taking a breather, as managers struggle to source loan collateral and investor appetite for the debt at tight spreads cools off.
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Barclays has announced several senior appointments in its credit trading business, including the rehire of Shrut Kalra from Goldman Sachs to co-head European high grade on the derivatives side.
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Third party CLO equity investors are a driving force behind the wave of CLO refinancings at the expense of new issuance, as pricey leveraged loans make returns on new deal equity less attractive.
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A flurry of US CLOs were priced at the end of last week, jump starting the primary market after a long period of deal refinancings and resets.
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Deutsche Bank arranged the first new issue European CLO of the year, St Pauls VII, for ICG on Tuesday.
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US CLO managers are refinancing a glut of vintage deals as they take advantage of growing demand to shave liability costs off older transactions at the expense of the primary market.
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Chenavari’s Toro Limited fund, which targets European ABS and invests in the private equity firm’s European CLO business, is accelerating its rotation away from public ABS in favour of higher yielding private transactions.
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New issue CLO volume dropped 32% year over year in 2016, according to Fitch, despite a year end flurry of issuance as the market raced to get deals done ahead of new risk retention rules.
