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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Two leading figures in US central banking gave speeches on Monday which once again left those looking for an indication on the future of US interest rates disappointed. -
Chinese investors are beginning to invest in US CLOs, according to sources speaking to GlobalCapital, as issuers continue to rely on global interest in the product.
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Strong demand for CLO debt is pushing issuers to market new deals more quickly, but a barren leveraged loan market is keeping them at bay for now.
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Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.
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Two US CLOs hit the market this week from managers Wellfleet Credit Partners and Symphony Asset Management as issuers gear up for the ABS East conference in Miami.
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Eagle-eyed issuers are taking advantage of a hungry US CLO investor base to issue reset deals in order to feed the demand for new paper and beat risk retention deadlines.
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Middle market CLO volume is down year on year compared to 2015, with sources saying that middle market managers are exploring alternatives to traditional CLO issuance.
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CLO managers are beginning to ramp up issuance activity ahead of an expected market escalation in September, with three issuers bringing new offerings this week.
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Nordea said that Barclays and JP Morgan, alongside its own investment banking arm Nordea Markets, worked on its landmark €8.4bn synthetic CDO, the bank’s first and the first from the Nordic region.
