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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CLO investors on Monday said that they were pleased with the decision by Valeant Pharmaceuticals to appoint Joseph Papa as CEO, adding to the good news in recent weeks as to the direction of the embattled Canadian drug company. -
Blackstone's GSO Debt Funds Management has scaled up its latest European CLO on the back of heavy demand from Japanese buyers, making it one of the biggest CLOs to be launched globally in the year to date.
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One of the US CLO market’s biggest investors is leading a stampede of hefty international buyers to the European market for the first time for years. It could spark a rejuvenation of a market that has struggled for years, write David Bell and Graham Bippart.
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CLO equity investors have been getting squeezed in recent weeks, as managers look to retain more of their own equity in order to comply with risk retention rules and to speed up pricing.
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The second quarter has seen CLO arrangers pushing through a burst of new issuance on the back of improving sentiment in the market, but a shortage of assets might prove a limiting factor for the market.
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The first in a wave US CLOs that have been marketing for several weeks priced on Thursday, with BlueMountain selling its first CLO of the year.
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Blackstone’s GSO Debt Funds Management is out with its latest European CLO, with the lead arranger putting guidance on the senior notes at the same level as that of CSAM’s latest deal, 5bp wider than levels seen in the new issue market only weeks ago.
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The €14bn European Union-backed fund designed to support Europe’s small and medium sized enterprises has taken a €2bn chunk of German SME and mid-cap exposures off of Commerzbank’s future balance sheet via a synthetic securitization.
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The senior triple-A rated class ‘A’ tranche of Credit Suisse Asset Management’s (CSAM) Cadogan Square CLO VII printed wider than a recently issued CLO from Carlyle, even though CSAM is considered the stronger of the two names.
