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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Apollo Management International priced a €357m European CLO last Friday, after reducing the size of the deal, as expensive collateral weighs on equity returns in CLO structures. -
Octagon Credit Investors is marketing its second CLO transaction of 2016, continuing the sector's new issue revival.
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Spire Partners, which issued its debut CLO last year, announced a €360m deal on Thursday morning, amid a battle for managers against changing dynamics in the European CLO market.
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New details in the saga of Canadian healthcare giant Valeant Pharmeuticals have once again plunged the CLO market into a debate over credit quality.
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Historically wide CLO spreads, particularly in the triple-A tranches, are making managers reluctant to price new deals, depressing total issuance in 2016, according to sources speaking to GlobalCapital.
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The US CLO market extended a rally in primary issuance on the back of a solid end to April, with three deals crossing the finish line this week.
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Deutsche Bank priced a €558m CLO from Blackstone’s GSO Debt Funds Management on Wednesday — the biggest issued in the European market so far this year.
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The failure of a 2014 CLO to pass its overcollateralisation (OC) test last week has put the spotlight back on underlying credit quality in US CLOs, even as the market retraces much of the widening in spreads that has taken place in 2016.
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Spreads in the US CLO market have tightened in recent weeks, but market participants are questioning the strength of the rally because fundamentals have yet to see widespread improvement.
