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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US CLO issuers, still dealing with a dearth of triple-A buyers, are having to adjust to further shifts in market dynamics that are causing primary issuance to come in waves in 2016. -
GlobalCapital held its annual European CLO awards on April 4 in London, presenting this year’s winners at the IMN Investors’ Conference on European CLOs and Leveraged Loans.
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Upbeat headlines and a subsequent jump in the stock price of Valeant Pharmaceuticals has lifted the mood of US CLO investors, who had believed that troubles at the Canadian drug company would drive defaults in exposed CLOs.
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The wide range in pricing of new issue CLO paper is being driven by differing views of the market between US and Japanese buyers, according to market participants.
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Next year’s deadline for Volcker Rule compliance for securities issued before 2013 is likely to further exacerbate the liquidity crunch in the CLO market, sources told GlobalCapital.
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Continued pressure on equity investors means the European CLO market could be facing a muted second quarter, despite a recent flurry of deals in March, according to panellists at IMN’s Investors’ Conference on European CLOs and Leveraged Loans, held in London on Monday.
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Goldman Sachs has sold a $451.1 CLO for Canyon Advisors, closing out an otherwise quiet week for the primary CLO market.
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Concerns are growing in the US CLO market about the state of pharmaceutical giant Valeant Pharmaceuticals, as the Canadian company's stock price continues to fall, touching the lowest levels in five years in March.
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Trading in the US ABS secondary market in March has seen dealers further reduce their holdings across asset classes.
