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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A switch in regulator from the Bank of Spain to Europe’s Single Supervisory Mechanism and more regulatory certainty has reopened a route to capital raising for Spain’s banks — synthetic securitization. -
Experts and legislators sparred over the impact of impending risk retention regulation on securitization in a US congressional hearing on Wednesday, as market advocates looked to relax the rules seen as hobbling the ABS sector.
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Caixabank has structured a synthetic CLO transferring the risk on a €2bn portfolio of loan and lease obligations to Spanish small and medium enterprises (SMEs).
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US non-agency RMBS, CLOs and CMBS saw an uptick in secondary market activity last week as widening spreads have made for an attractive entry point in many securitized asset classes.
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Credit quality of companies backing US CLOs is sliding, with energy exposure the primary driver of the increase in default risk, but European CLOs remain comparatively unaffected by the trend.
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The CLO market is likely to play less of a role in refinancing corporate debt than it has in the past, given lower new issuance, even as the demand for refinancing of speculative debt is set to soar in the next four years.
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NewStar Financial has priced the third CLO of the year, a $348m middle market deal backed by a portfolio of SME loans.
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The dearth of primary market CLO issuance so far in 2016 is being driven partly by a wave of activity in the secondary market, said investors this week.
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BlackRock has sold its debut European CLO, after starting marketing for the transaction late last year, but holding off launching it because of tough market conditions.
