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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CLO spreads offer excess returns compared to the underlying assets and other credit markets because of the “perceived” rather than actual complexity and illiquidity of the market, heard LevInvest attendees in Barcelona on Wednesday.
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The European Central Bank has announced that it plans to start consultations on introducing official guidelines for the leveraged loan market, similar to those implemented in the US in 2013. -
Liquidity in the CLO market has improved “materially” in the second half of this year, but in the wake of enormous volatility in the first quarter that put the sector in a deep freeze, the trading landscape has been altered.
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The senior tranches of new issue CLOs are becoming an exclusive club consisting of US bank treasury departments, according to sources speaking with GlobalCapital.
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Manager flexibility and a strong buyer base has helped drive the European CLO market forward since the UK Brexit vote, but increasing diversification is a key challenge for managers to overcome, conference goers in Barcelona heard on Tuesday.
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PGIM has reopened the European CLO market with its second deal of the year, as managers contend with a difficult leveraged loan market that is hampering primary activity.
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The CLO market's best hope of easing risk retention rules is likely to come during a lame duck session of Congress, given the highly politicised atmosphere leading up to the US Presidential and Congressional elections in November.
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A rush of both reset and new issue CLO deals is heating up competition in the new issue market, as managers look to sell to a limited number of investors.
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The US House Financial Services Committee, has moved to pass the Financial CHOICE bill, a wide ranging reform of the Dodd-Frank Act which would essentially exempt non-RMBS securitized assets from risk retention.
