Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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European CLO new issuance this year has already broken 2.0 era records and a strong supply of leveraged loans and managers wanting to issue will lead to even more supply over the autumn.
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Returns on US CLO debt have handily beaten those of high yield corporate debt over the past year, say JP Morgan analysts, though the rally may be running out of steam in the latter part of 2017. -
New issuance of euro CLOs could hit €18bn by the end of the year, according to Bank of America Merrill Lynch, and more new issuers from across the Atlantic are looking to issue European deals.
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Credit quality in new issue CLOs is sliding, according to Moody’s Investors Service, as managers continue to churn out deals despite difficulties sourcing loan collateral.
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Tikehau Capital Management is preparing to hit the post-August pipeline with a new CLO, its third European offering.
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Credit Suisse has hired a BNP Paribas CLO structurer for its London-based European origination team.
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A lack of supply in the European CLO market this summer has left investors desperate to source bonds, with the few deals moving through the pipeline seeing heavy oversubscription and tight spreads.
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US CLO managers have flooded the market with new paper in August, as the wave of refinancing subsides and a lack of opportunities in the secondary market unleashes investor demand for new deals.
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Issuance of higher quality European ABS is fuelling strong technicals, which are underpinning the market in 2017, TwentyFour Asset Management said this week.
