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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UK CLO managers who fund CLO risk retention through the sponsor route are scrambling to set up alternative structures in the wake of the British referendum result, which could see the end of passporting rules and threaten the ability of UK based managers to run European CLOs. -
Valeant Pharmaceuticals is facing an important test in its ability to reverse its fortunes this summer, as CLO market players say that the fate of the Canadian pharmaceutical giant will have a substantial effect on the sector.
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Copenhagen-based Accunia is about to become the first Nordic asset manager to price a CLO, expecting to price a €360.5m deal this week.
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This year has seen increased cross-Atlantic activity, as European investors hunt yield in the US market and US managers look to set up shop in Europe, eyeing up the tighter spreads available. This could mark the emergence of a truly global market, but will the increasing globalisation of the CLO sector help the European market flourish?
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Two large CLO managers are looking at a potential merger or acquisition of rival CIFC, as the projected wave of manager consolidation gains steam in 2016.
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Cairn landed a €362m CLO last Thursday, as debut issuer Accunia lines up its first deal.
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Hopes for a more favourable regulatory framework for the European ABS market suffered a setback on Monday as MEP Paul Tang put forward proposals to ratchet up the risk retention requirement for all securitizations to 20%.
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Heavy demand at the top end of the CLO capital structure has driven pricing below 130bp for the first time since October 2014, but pricing further down the stack remains more stubborn.
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Triple-A spreads on US CLOs are back out near the widest levels seen in 2016 after a brief rally in the sector, with senior tranches from 'second tier' managers being forced into the 170bp range.
