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Latest news
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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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. -
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.
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CLO manager CIFC is eyeing a September return to the new issue market after sitting on the sidelines to date in 2016, following its acquisition by FAB Partners earlier this month.
