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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Investor thirst for leverage has been intensifying in the US CLO market over the last six months. But while demand is hottest for levered bets on rated debt tranches, GlobalCapital understands that two banks have offered hedge funds leverage on equity tranches, one of the riskiest things an investor can do in structured finance. David Bell reports. -
Extending reinvestment periods for European CLOs will benefit managers and equity investors but could have negative implications for credit overall, said S&P Global Ratings in its first quarter CLO performance report.
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Japanese CLO buyers are widening their investment mandates to include a broader range of managers and, for the first time, are looking at refinancing transactions.
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The primary European CLO market is getting crowded, with Commerzbank pricing a new issue deal at the end of last week and HPS Investment Partners readying a debut European transaction.
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US CLO double-A debt is becoming more difficult to sell as some Asian accounts hold off, leaving other investors able to push harder on stipulations in new deals.
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The European CLO investor base may not be as deep as once thought, as managers see spreads widen in the primary market, particularly for CLO refinancings.
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Commerzbank has sold the first synthetic securitization to the European Investment Bank (EIB) under the European Fund for Strategic Investments, otherwise known as the ‘Junker Plan’, which aims to encourage lending and investment across Europe.
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Antares Capital Advisers’ first middle market CLO in the 2.0 era was this week rumoured to have attracted the interest of Asian investors, potentially unlocking another big source of funding for a market that is also attracting larger volumes of insurance company money.
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Managers priced four new issue US CLOs last week, as unsatisfied demand helped triple-A spreads to grind even tighter despite softening in the rest of the capital stack.
