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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Spread tightening is creeping down the capital stack in European CLOs, improving the arbitrage for CLO managers while still offering investors yield that is increasingly scarce in other credit markets. -
Cerberus Capital Management priced its first middle market CLO of the year last week, and the sixth middle market deal of 2016, in what is proving to be a tricky year for middle market managers compared to their peers in the broadly syndicated loan (BSL) sector.
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More banks than ever are turning to balance sheet CDOs to hedge their loan books, with a boost from Basel plans to increase risk weights for ordinary assets. Institutions such as Crédit Agricole, Credit Suisse and Deutsche Bank have ramped up their issuance programmes, while others are entering the market for the first time, as with Nordea.
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CLO managers in August are taking advantage of favourable market conditions to price deals at tight spreads after a slow start to August left yield starved investors scrounging for paper.
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Crédit Agricole could expand its synthetic securitization programme to cover more asset classes, after closing a deal to achieve balance sheet relief on a €1bn portfolio of European corporate loans.
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Crédit Agricole could expand its synthetic securitization programme to cover more asset classes, after closing a deal to move €1bn of European corporate loans off its balance sheet.
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Valeant Pharmaceuticals, the largest obligor across US CLOs, announced a loss for the second quarter on Tuesday, but its CEO reassured investors and lenders that the plan for a turnaround is still on track.
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Crédit Agricole is selling €47.5m of second loss synthetic ABS notes, to achieve balance sheet relief on a €1bn portfolio of European corporate loans.
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The US CLO market is reaping the benefits of newly enriched investors hunting yield following the $8.5bn Countrywide RMBS settlement, sources told GlobalCapital.
