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
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The primary US CLO market is moving in fits and starts in 2017, with managers again pumping the brakes in the last week. But according to JP Morgan research, over 200 legacy CLOs could still be refinanced, giving managers plenty to do in the coming months.
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Buyers of CLO mezzanine debt are pushing back against the rapid spread compression seen since since the start of the year, with activity over the past month showing a slowdown in the pace of tightening. -
Looming macro risks and political turmoil could weigh on loan prices, potentially easing the squeeze on CLO equity investors at the bottom of the capital structure, said analysts at Prytania Investment Advisors this week.
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Spire Partners set a new tight level for new issue European CLOs last Friday, as triple-A spreads continued to rally and spreads at the junior end of the capital stack also show signs of tightening.
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Leveraged debt investors are not quite ready to retreat from their position in Canadian drug maker Valeant Pharmaceuticals, despite long-term advocate Bill Ackman abandoning his holding in the company on Monday.
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GlobalCapital is pleased to announce the nominees for its annual European CLO awards, to be presented at IMN's 4th Annual Investors' Conference on European CLOs and Leveraged Loans on April 5.
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Sentiment among US CLO investors is nearing a fever pitch, as buyers pile into new offerings despite debt spreads plunging to their tightest levels in recent memory.
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CLO equity is the “belle of the European credit ball” because of the level of returns investors enjoyed in 2016, said JP Morgan analysts on Monday. But with large risk retention vehicles muscling in and loan repricing taking its toll, the landscape is set to get rougher.
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Canadian drug maker Valeant Pharmaceuticals is hoping to complete a large debt refinancing which will extend maturities and loosen covenants, though leveraged loan investors are still likely to lap up the new debt, sources said.
